Financial well-being March 16, 2017 By
Cash flow is a major component to any successful business. Proper management of your cash flow gives your business the best opportunity to sustain and thrive during periods of growth.
Many business owners find value in using lines of credit to better manage their cash flow needs. I recently read an article on the New York Times website titled “Line of Credit Basics” that does an excellent job of defining lines of credit– how they work, what they are used for, when and why you should apply for them, etc.
For many business owners, the cash flow cycle, or cash conversion cycle, is the process of buying inventory, selling inventory, and collecting cash. Measuring your business’ Cash Flow Cycle is a good method to test or establish a revolving line of credit limit.
At First United, we can provide a custom Revolving Line of Credit that replenishes after payments are made, we provide guidance and resources to make sure you’re not only ready to capitalize on the next opportunity, but have the financial well-being to ensure long-term success.
A revolving line of credit empowers your business to plan well, grow wisely, and reach its full potential. If you are ready to start working on your business goals today, contact your local lender for more information.