If your business is a touring company, you're constantly on the road by definition. Moving from location to location poses logistical challenges on many fronts. Papers, expense reports and receipts can get misplaced and resources aren’t always available. In this situation, cash management can be particularly tricky. Here are some ways to alleviate some of the problems:
- Use a bank with many locations so that you’re more likely to have a local branch nearby.
- Do marketing before arriving at a location in order to increase future cash intake.
- Use a finance system to allocate funds and manage travel expenses for employees.
- Put as many bills as you can to auto pay so that you're never caught with late fees if your mail doesn't reach you on time.
- Above all, create an organization system that works for you and your business. No matter what the system is, the most important part is that you know where to look for information.
Have you found more ways to manage cash flow while on the move?
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