News From Terre Haute, Indiana

Breaking News

Business

July 12, 2014

Score: Learn the ins and outs of cash flow

TERRE HAUTE — You often hear about motorists who suffer breakdowns in the worst possible places because they didn’t bother to check their oil level regularly or ignored their dashboard warning lights.

Many small business owners do the same thing when it comes to managing their cash flow. When they don’t make regular checks and forecasts, or ignore troubling trends, their businesses will break down because they don’t have the resources to pay their bills. And there is never a “good” time for that to happen.

That’s why good cash flow management is one of the cardinal rules of small business ownership. And it’s so simple: Make sure more cash enters the business than goes out and that there’s always enough on hand to meet obligations like expenses, payroll and taxes on time.

Several strategies are available to influence both sides of the cash flow equation. To boost inflows, consider asking customers for all or a substantial portion of their payment up-front, or give discounts to those who pay promptly.

Even with their merchant fees, credit cards are a great way to bring in cash immediately when the product or service is purchased.

It may also be feasible to offer pre-paid gift cards, a business-specific cousin of bank debit cards: The customer gives you the money first, then gradually makes purchases until the card is used up or “recharged” with additional cash. Many small businesses offer this service using paper and/or computer records; no plastic necessary.

As for outflows, an operating budget is an ideal way to plan and track specific dates for recurring expenses. Avoid overspending on certain categories unless absolutely necessary. That way, you’re never surprised when a bill arrives.

Other tactics for keeping cash in the business include maintaining low inventories, leasing certain kinds of equipment instead of buying it outright, recycling and reusing supplies where possible, and evaluating processes and procedures to make sure they’re as efficient and cost-effective as possible.

If you have employees, their front-line perspective is a great source of insights and ideas for doing things better.

Perhaps the most important cash management tools are awareness and planning. Regularly monitoring your small business’s sources and uses of cash will enable you to spot trends to capitalize on and problems that can be avoided.

Identifying these patterns will also help you project anticipated revenues and expenses three, six, and twelve months in advance.

With this information, you’ll know when inflows and outflows are more likely to go out of balance, and prepare accordingly.

Score

• To contact the Greater Wabash Valley SCORE office, call 812-298-2452 or email scorechapter661@aol.com.

• For more information, visit greaterwabashvalley.score.org/

or facebook.com/SCOREWabash Valley.

 

1
Text Only | Photo Reprints
Business
  • Union Hospital cuts to come from support staff

    The reduction of 150 employees in Union Health System by the end of this year will come from support staff, employees who do not have direct patient care duties, hospital administrators said today.

    July 23, 2014

  • EYE ON THE PIE: Private sector option to calm violence in streets

    We were in Edinburgh at the Pixy Theater waiting to hear the Wright Brothers play.

    July 19, 2014

  • Christian bookstore to celebrate 30-year mark

    The Open Door Christian Bookstore is celebrating 30 years of business in Terre Haute. On July 30, The Open Door staff will host a celebration of the milestone with 30-percent-off coupons, free cupcakes and door prizes throughout the day.

    July 19, 2014

  • On the Move: July 20, 2014

    July 19, 2014

  • Décor tips for outdoors focus of magazine issue

    The new issue of the Carpet One of Terre Haute digital magazine – Beautiful Design Made Simple – focuses on getting ready for the summer and expanding living space outdoors.

    July 19, 2014

  • BUSINESS BRIEFS: July 20, 2014

    • ‘Accessible tech’ workshop in works
    • Old National to host earnings web cast
    • Duke to promote entry-level openings
    • Thrift store seeks clothes donations
    • Upland wins multiple awards at Brewery Cup
    • Technology for people with disabilities workshop at ISU

    July 19, 2014

  • Restaurant continues lemonade sale cancer fundraiser

    In the summer of 2000, the idea behind Alex’s Lemonade Stand Foundation was born when 4-year-old cancer patient Alexandra “Alex” Scott set up a front yard lemonade stand to raise funds and awareness for childhood cancer cures.

    July 19, 2014

  • Nursery seeks grant applications

    The Terre Haute Day Nursery Committee is seeking grant applications from nonprofit organizations for funding in the child care areas of tuition assistance and program development.

    July 19, 2014

  • ASK SCORE: Looking to expand? Make sure credit measures up

    Good credit has always been important for entrepreneurs. But in today’s economy, building and maintaining a strong business credit score is essential for accessing both start-up and growth capital.

    July 19, 2014

  • SOCIAL SECURITY: Retirement, early or late, is a big decision

    If you believe in going all the way or not going at all, there’s a day to celebrate your extreme ways. This coming Saturday is All or Nothing Day.

    July 19, 2014

  • O’Rourke joins Sisters of Providence team

    When Providence Spirituality and Conference Center facilities manager Linda Malooley called Andrea O’Rourke inquiring if she knew of anyone who might be interested in taking Malooley’s position, O’Rourke offered a quick response.

    July 19, 2014

  • Regional artist to receive Arts Commission development grant

    The Indiana Arts Commission announced Friday that one regional artist is among 38 artists throughout the state receiving career development assistance through the agency’s Individual Artist Program grants for Fiscal Year 2015.

    July 19, 2014

  • Update: Union Hospital notifying workers of layoff

    Some employees of Union Hospital are receiving notice that they will be laid off as part of cost reductions.

    July 18, 2014

  • Convenience stores keep up fight to sell cold beer

    INDIANAPOLIS (AP) — Convenience stores in Indiana are keeping up their fight to be able to sell cold beer, as a trade group said Tuesday it was appealing a judge’s decision upholding the state law that prohibits them from selling the beverages chilled.

    July 15, 2014

  • JM 070914 PAINTER 02WELCH.jpg Fresh coat: Student Painters put business theories to work

    James Welch has successfully started his own painting business in the Wabash Valley. It isn’t entirely his business, however, but it certainly appears that way.

    July 12, 2014 3 Photos

  • Eye on the Pie: Indiana’s small business friendliness: A report card

    It must be the season. Another ranking of the states crossed my desk this week. That’s the second in two weeks. This time it’s from the Kauffman Foundation, the Kansas City organization that promotes entrepreneur development, and its polling affiliate, Thumbtack.com from San Francisco. Briefly, this report tells us that Indiana’s small business friendliness rates a grade of B-, 18th of 38 states in the survey.

    July 12, 2014

  • Social Security benefits of different flavors

    Do you scream for ice cream? If so, July’s the month for you. If not, please read on just the same.
    July is National Ice Cream Month, and July 20 is National Ice Cream Day. Take your family to get ice cream and you’ll find a variety of flavors. Same with Social Security. Most people think of retirement, but that’s like limiting yourself to vanilla. At Social Security, we offer a variety of benefits.

    July 12, 2014

  • Business Cents: Know your key demographics, market share

    Today I wanted to discuss one of the more frequent questions and challenges that business owners face and also one of the more common reasons companies fail: understanding their market.

    July 12, 2014

  • Score: Learn the ins and outs of cash flow

    You often hear about motorists who suffer breakdowns in the worst possible places because they didn’t bother to check their oil level regularly or ignored their dashboard warning lights. Many small business owners do the same thing when it comes to managing their cash flow.

    July 12, 2014

  • Davis named interim student affairs VP

    Nolan Davis, associate vice president of student affairs at Indiana State University since 2010, has been named interim vice president for student affairs, President Daniel J. Bradley recently announced.

    July 12, 2014

  • Wireless Mike’s to host grand opening week

    Wireless Mike’s will host a grand opening celebration at its new location in Marshall, Ill., beginning Friday.

    July 12, 2014

  • Newsmaker: July 13, 2014

    July 12, 2014

  • On the move: July 13, 2014

    July 12, 2014

  • Chamber of Commerce: Getting in touch with the membership

    How does a new Chamber of Commerce president, with no previous chamber experience, begin his tenure?

    July 6, 2014

  • Social Security: Get to know your financial numbers

    In the United States, people do a lot to recognize and honor the heroes who serve in the Armed Forces and those who paid the ultimate sacrifice. July is an appropriate month to recognize veterans and wounded warriors, as we celebrate our nation’s independence.

    July 6, 2014

  • Ask Score: Get to know your financial numbers

    Anyone who longs for the “good old days” probably doesn’t own a small business. Given the variety of powerful, easy-to-use accounting software products available today, it’s difficult to imagine wanting to keep records and prepare financial statements by hand.

    July 6, 2014

  • Librarian to take over VCPL west branch

    The Vigo County Public Library has named Lauri Chandler as the new manager of West Branch.

    July 6, 2014

  • DNR seeks new officer candidates

    The Department of Natural Resources is seeking qualified applicants to become Indiana Conservation Officers.

    July 6, 2014

  • St. Mary’s gift shop reopens in renovated location

    A sense of excitement flowed through the air of Providence Spirituality and Conference Center at St. Mary-of-the-Woods on June 20, as Linden Leaf Gifts conducted its official grand opening.

    July 6, 2014

  • Newmakers

    Newmakers

    July 6, 2014

Latest News
TribStar.com Poll
AP Video
Israeli American Reservist Torn Over Return Crash Kills Teen Pilot Seeking World Record Death Penalty Expert: 'This is a Turning Point' Raw: Gunmen Attack Iraqi Prison Convoy Mint Gives JFK Coin a Face-lift Ariz. Inmate Dies 2 Hours After Execution Began Raw: UN School Used As Shelter Hit by Tank Shell Raw: Deadly Storm Hits Virginia Campground Plane Leaves Ukraine With More Crash Victims Arizona Execution Takes Almost Two Hours Raw: Families Travel to Taiwan Plane Crash Site Raw: MH17 Victim's Bodies Arrive in Netherlands Gaza Fighting Rages Amid Cease-Fire Efforts Raw: Funeral for Man Who Died in NYPD Custody Gen. Odierno Discusses Ukraine, NATO at Forum U.N. School in Gaza Hit by Israeli Strike Official: Air Algerie Flight 'probably Crashed' Raw: Ukraine's Donetsk Residents Flee Creative Makeovers for Ugly Cellphone Towers House Committee at Odds Over Obama Lawsuit
NDN Video
Bill Murray Continues To Be Just Bill Murray By Eating Some Free Bill Murray Ice Cream Deja vu: Another NYPD officer choke-holding a suspect Hillary Clinton Blamed Bill's Affair With Monica Lewinsky On Abuse He Suffered As A Child 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Chapter Two: Becoming a first-time director Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity