Always Do This One Thing When Managing Your Cash FlowThe founder of an online clothing rental service shares her best cash-planning tips for startups.
As Christine Hunsicker says, no business owner can effectively manage their company's cash flow "with rose-colored glasses on."
She should know: After leading two tech startups that were acquired by Yahoo! and Facebook, Hunsicker co-foundedGwynnie Bee, an online clothing rental subscription service exclusively for women sizes 10 to 32. Hunsicker understands that "tracking the money that comes in and how it goes out is too critical to the survival of a business."
Today, Gwynnie Bee employs more than 350 people and has delivered some 3 million boxes to its members.
The one thing you always need to do when managing your cash: No matter what amount of money you think you need, "always double it," Hunsicker says.
For more thoughts on how you can use your cash most efficiently, watch the video above.
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