Cash is king, they say. If you work for yourself or someone else, you need to know the ways to improve cash flow. Budgeting and fundraising are not glamorous, but both are key to running a successful business. Working in a successful business is so much more fun than working for a struggling one!

1. Stick to your budget. (If you don’t have one, please do so now.) The budget is part of a business plan. You want to know exactly how much to spend on each large item you buy and when you will have the cash to do so. Your cash flow projection along with your forecast will give you the right time to make purchases. The items you have budgeted for should also be part of the business plan.

2. Invoice your clients regularly. Many business owners are so busy selling to new clients that they forget to bill the clients they have already worked with. Put the task of billing your customers on your calendar and then stick to that schedule.

3. Get an advance on your services before starting work. If you are going to be working with a client for a period of time, you will want to request some money up front before you start providing the service.

Four. Give a discount for prepayment. You will be able to collect money more quickly if you offer a discount for a timely payment.

5. Accept a credit card for payment. While the credit card company must be paid for this service, having the convenience of a credit card allows the customer to pay immediately. Charging is now a problem for the credit card company.

6. Use your own credit card to finance purchases, but do so with caution. If your interest rate is low and you can pay the credit card company relatively quickly, credit cards are often a good way to balance your cash flow.

7. Establish a line of credit with a bank. This is relatively easy to do as long as you have good credit and provides you with a cushion of cash when the going gets tough. Sometimes the bank will offer a really good rate to encourage you to become their customer for other banking services.

8. Put the cash you have on hand into an interest-bearing account. There is no reason to have cash in an account that has not increased interest much. As cash grows, consider money market accounts, certificates of deposit, and savings accounts.

9. Pay your outstanding bills wisely. See which providers are willing to wait for payment and which ones will charge you interest if you are late. Schedule the payment to maximize the cash in your account.

10. Consider hiring an expert to monitor your cash flow. Have someone (financial advisor, accountant, bookkeeper) available to run financial reports each month so you know exactly where you are in your business.