No matter how great your geriatric care management business model is, you can’t survive if you can’t manage your company’s cash flow. According to a U.S. Bank study, 82 percent of business failures are due to poor cash management. Most geriatric care managers started a business with a great idea- care management. They did not open a business understanding cash flow or its business killing dangers
Even if you’re a brilliant care management entrepreneur in every other way,you must stay squarely focused on managing your company’s cash flow to avoid putting your business in imminent danger.
Businesses die from prolonged periods of negative cash flow:
spending more in a month than the business is taking in. 96% of small business fail in 10 Years because they can’t pay their bills or cash flow problems
One of the fastest cash-flow killers – results from unpaid invoices from clients. If you aren’t being proactive about collecting payments from your clients, you could be on your way to a dangerous cash-flow situation.
Businesses go bankrupt from prolonged periods of negative cash flow: spending more in a month than the business is taking in. Care Managers have to watch cash flow and the results in the beginning are taking no salary yourself, hiring no help and keeping a second job until you can get enough clients and cash flow .Find out more in the You Tube from My Geriatric Care 1 Channel and watch my new free webinar on Barrier to Billing and Profit Financial Management for Care Managers