An accurate cash flow projection can alert you to trouble well before it strikes. Understand that cash flow plans are not glimpses into the future. Watch out for assuming without justification that receivables will continue coming in at the same rate they have recently, that payables can be extended as far as they have in the past, that you have included expenses such as capital improvements, loan interest and principal payments, and that you have accounted for seasonal sales fluctuations. Start your cash flow projection by adding cash on hand at the beginning of the period with other cash to be received from various sources. Have a line item on your projection for every significant outlay, including rent, inventory , salaries and wages, sales and other taxes withheld or payable, benefits paid, equipment purchased for cash, professional fees, utilities, office supplies, debt payments, advertising, vehicle and equipment maintenance and fuel, and cash dividends. “Projections rank next to business plans and mission statements among things a business must do to plan for the future”.
The basic idea is to improve the speed with which you turn materials and supplies into products, inventory into receivables, and receivables into cash.
Sooner or later, you will foresee or find yourself in a situation where you lack the cash to pay your bills. And there are normal, everyday business practices that can help you manage the shortfall. The key to managing cash shortfalls is to become aware of the problem as early and as accurately as possible. Banks are wary of borrowers who must have money today.

When the reason you are caught short is that you failed to plan, a banker is not going to be extremely interested in helping you out. If you assume from the beginning that you will someday be short on cash, you can arrange for a line of credit at your bank. This allows you to borrow money up to a pre-set limit any time you need it. These people are more interested in keeping you going than a banker, and they probably know more about your business.

You can often get extended terms from suppliers that amount to a hefty, low-cost loan just by asking. Consider using factors. These are financial service businesses that can pay you today for receivables you may not otherwise be able to collect on for weeks or months. Ask your best customers to accelerate payments.

Explain the situation and, if necessary, offer a discount of a percentage point or two off the bill. You should also go after your worst customers-those whose invoices are more than 90 days past due. Offer them a steeper discount if they pay today. Pay crucial suppliers next. Ask the rest if you can skip a payment or make a partial payment.
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