In the ever-blooming world of the floral industry, staying profitable means understanding both the art and the business of flowers. Whether you’re a retail florist bringing beauty to individual customers or a wholesale distributor providing bulk supplies, conducting regular business assessments is as essential as watering your plants. Here, we offer some actionable steps to take as we start the new year. These steps can help your floral business not only survive but thrive.
Cash Flow Management
Just as water is vital for plants, cash flow is vital for the health of your business. However, managing cash flow can be challenging. Too much cash can expose you to risks in case of unforeseen events like a lawsuit. On the other hand, having too little cash can put you in a position where you may have to look for a loan to keep your business running smoothly. When reviewing your cash flow, consider these points:
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