The altered economic landscape presents innovative and nimble businesses with opportunities for capturing the attention of new groups of customers and discovering more efficient methods of operation.
A drastic imbalance between net income and cash flow can lead to a situation where you are generating healthy profits from your business activities, but you don’t have enough cash to cover expenses such as overhead, labor and materials.
It’s no longer enough to make customers happy, or even get them to praise your good service to your face. What you really need is for your customers to share their positive experiences with others, and to do so in online reviews.
Sound bookkeeping is a harbinger of financial success because it helps build a foundation of best practices.