How is Your Cash Flow? Step 4

Step Four:  Keep Your Staff in the Loop

Staff can and will be more effective if they know the parameters of the company needs – whether it’s how to correctly price a project, what is needed to bring the project on time and to spec, or how their performance can affect their future compensation and longevity with the firm.

When staff understands with certainty what your expectations are for them, they will be more motivated, feel more trusted and help you create a company culture that everyone can enjoy.  That culture should be one where everyone is on board for achieving company goals.  They recognize that meeting goals is a must, not an option.

If you feel your approach to cash management is lacking in some way, ask your key people for input. Some areas to ask include:

• Pricing
• How to achieve better quality sales
• How operations can be improved to help the bottom line

Definitely get your bookkeeping staff involved.  Rather than them holding back recommendations related to matters that could affect cash flow, help them to understand that it is beneficial for them to share all of their expertise pertinent with the company.