Undoubtedly, being an owner of a retail store, whether online or offline, is particularly challenging—it can come with a host of expenses, from inventory and product development to distribution and marketing. Thus, your retail business is also at risk of insolvency and failure if you don’t keep a close eye on your cash flow.
That said, having accurate projections and a solid cash flow management process in place is essential, and you can achieve that with an expert tool like Moolahmore. As you read this blog, you’ll better know the importance of forecasting and managing the cash flow of your retail SME company using Moolahmore to provide you with more security and control over your finances, understand customer demands, manage inventory levels, optimise your operations, maximise your profits, overcome potential risks like shortfalls, and plan for future growth opportunities. Read on.
Why You Need Sound Cash Flow Forecasting and Management For Your Retail Business and Why You Should Use A Tool Like Moolahmore?
Stay on Top of Invoices
Utilising an automatic and advanced financial tool Moolahmore for effective projection and cash flow management can help you monitor your outstanding invoices, keep your shopper records updated and send reminders when necessary, especially to avoid late payments. In addition, Moolahmore has powerful integrations with other popular accounting software such as Xero, MYOB and QuickBooks, making it easier to handle your account sales and stay on top of your invoices.
Improve the Value of Your Inventory
Let’s face it. A lot of retailers have their cash tied up in inventory. But all of this can change when you start leveraging on Moolahmore. With this reliable cash flow solution tool, you can be sure that your business is stocking the right products and that you are selling them at a healthy profit. Likewise, you can also liquidate excess stock to free up additional cash, helping you have a more brilliant inventory practice.
Shield Against Sales Shortfalls
Let’s say; for example, you operate a retail clothing business—what if your swimsuit store is in a sunny area, but there’s an unexpected weather pattern of rain and typhoons? Well—having a solid cash flow projection which Moolahmore lets you precisely do, can help you plan better for seasonal inventory and protect you from sales shortfalls since you are ready for such unexpected events.
Lessen Stress Levels
With top-notch forecasting and cash flow management tool, Moolahmore, you’ll be able to get a handle on your current and projected cash flow, enabling you to plan accurately for your expenditures, such as paying your store team, vendors, etc.
In hindsight, knowing when and who your business can pay makes it easier for you and your staff to concentrate more on running your business instead of stressing so much about your finances.
Key Indicators For Growth
It’s only possible for you to understand how and when your business can scale up if you have a clear grasp of your cash flow. Therefore, you must use a powerful cash flow tool Moolahmore, so you’ll know exactly your cash on hand and what may be coming into your business in the future. Doing so will help you make better decisions about your business reductions or growth opportunities.
Overall, Moolahmore is an expert in forecasting and financial management. Thus, this easy-to-use and devoted tool knows how vital cash flow is for the survival, sustainability and growth of your retail business. In a nutshell, here’s how Moolahmore can help you:
- Gain a visual picture of your financial activities so that you can keep an eye on your financial position with ease and accuracy
- Quickly generate and download detailed financial reports on the go
- Make accurate projections up to 5 years into the future
- Plan smarter for all your income, expenses, assets and funding
- Know how to allocate your resources appropriately and where to invest, like when you’re planning to hire new staff, when to purchase new equipment, planning your inventory purchases and when to launch your new marketing campaigns.
Conclusion
Time and again, the reason why many retail SMEs fail, even the profitable ones, is because of poor cash flow or being out of cash which then leads to closing down. But the good news is you can prevent this situation from happening. Moolahmore gives you the power to take control of your cash flow and make accurate projections, so despite unforeseen events, you are better ready to run and grow your retail business!
Steer your retail business in the right direction and chart a successful course to the future! Use an expert cash flow forecasting and management tool, Moolahmore, today. Request a demo now!
