A Guide to Cash-Flow Management for Startups in Washington DC

Start Up Development

Do you know one of the biggest reasons most startups fail?

 

Is it because they choose not to outsource their Web and software application development to the experienced professionals at Innolance?

Nope.

Well, yes. That’s part of it, but we’ll talk about that more in a few hundred words.

One of the biggest reasons startups (in Washington DC, and nationwide) fail is this: Cash flow. Some people say content is king, but really, CASH is king. Without proper and effective cash-flow management, your startup will fail. Fact.

 

What is good cash-flow management?

Put simply, good cash-flow management involves understanding every inflow and outflow of cash. As a startup small business owner in Washington DC, you must always keep one eye on the cash.

 

Keep in mind the following tips for streamlining your startup’s cash-flow management, and maximizing your chances of small business success.

 

  1. Ask customers for payment on delivery, or better yet: Require that payment be rendered before the customer is granted access to your product. Doing so will negate the risk of delayed payment, and can help a startup small business owner such as yourself better predict cash flow needs.
  1. Limit your free trials. Startups, especially those in the software, mobile, or Web application biz think, “Let the public try out our product for free, and they’ll be more likely to pay for it later.” While this is true to an extent, too many startups allow their free trials to drag on for indefinite periods of time and cost themselves cash flow in the long run. Instead, ensure a payback period of less than a year, and opt for auto-renew annual contracts.
  1. Outsource your mobile application development to Innolance. The choice to outsource your software development to Innolance is about getting the best product for your dollar. You could spend thousands of dollars and thousands of hours to hire an application developer fresh out of college who’ll produce a product for your start-up that’s just okay, or you could take those dollars and hire Innolance.

Our team of highly trained application development professionals has produced more than 100 success mobile applications for platforms including the iPhone, Android phones and tablets, Blackberry, and Windows mobile. Innolance has the knowhow — our knowledge and expertise in the functional and technical aspects of superior mobile application development is backed up by our ability to adopt new generation technology with iterative development methodology.

 

Innolance gets down to the business of application development, so you can get down to the business of growing your startup small business in Washington DC.