By Caterpillar | Posted: January 21, 2021 | Revised: March 28, 2022
Cash flow management is always important, but it’s particularly critical during economic uncertainty. Proper cash planning will allow your business to pay its bills and continue operations.
Learn how to master cash flow management and weather an economic downturn in this article from Cat® Financial.
Make sure you have the tools, equipment and materials ready for the next job opportunity, whenever it arises. To do this, you’ll want to do proactive repairs and maintenance, and track current and upcoming projects and determine what resources you need for each one.
Lesson learned from 2020: be prepared for the unexpected. Pandemics, natural disasters, new regulations, and recessions can all impact your business. But even small changes, like losing a good employee or a big contract, can impact your bottom line. A contingency plan can help keep you operating when the unexpected happens.
Be pro-active, not reactive. Sometimes you have to make reactive decisions, but having a strategic business plan will set you up for long-term success.
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