Have you prepared a cash flow forecast for your business yet?
A cash flow forecast takes into account all your inflows and outflows over a certain period to predict what your finances will look like in the future.
The forecast helps you identify patterns in expenditure and resource allocation. It gives you a big-picture view of where your income is coming from and what part of your operations are costing you the most.
The forecast will also help you preempt any gaps in your income and expenses, which you can then prepare for by either developing an alternate stream of income or by applying for a business loan with a lender.
When you apply for a business loan, lenders like to see that entrepreneurs have a thorough understanding of business opportunities and challenges and any possible solutions you may have come up with you overcome those challenges.
The cash flow forecast also lets lenders know you plan, which means you will be more likely to repay the business loan they lend to you.
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