Small Business Tip for Cash Flow: Track Your Expenses.

To accurately project how much your business will spend each month, it's important to take inventory of every element that creates an expense. Some of these variables are fixed and predictable from month to month, while others vary by season or year. Wages, rent and regular expenses are examples of fixed costs. Examples of variable costs include seasonal expenses, such as stocking pre-holiday inventory, and rising utility costs during especially cold or hot months. To create a solid inventory of all of your costs, especially the ones that are easy to forget about, review past years' records. Be sure to go through your expenses, to make sure there aren’t any annual fees that you forget about as they only come once a year. As always, we’re here to help!