If it’s a challenge to keep your small business swimming instead of sinking in a challenging economy, you’re not alone. Maintaining sufficient cash flow and profitability is key to building your pumping or portable sanitation business.

The good news is not all small companies have cash flow issues. And you can be confident in knowing that, as a small businessperson, you’re an important part of the nation’s economy.

The Small Business Administration’s website provides salient information about the accomplishments of small business: Small businesses comprise 99.7 percent of all employers. They employ more than 50 percent of all workers, account for 44 percent of private-sector payroll, have created 64 percent of all jobs in the last 15 years, are responsible for more than 50 percent of the nation’s non-farm private gross domestic product. Small business entrepreneurs generate 13 times more patents than their big-business counterparts, fueling great innovation.

CASH FLOW TIPS

For successful small companies, strong cash flow doesn’t just happen. They’ve got a system. They plan and swim with precision. Here are tips to stay afloat:

Write a gratitude list.

Digest and relish what’s working in your career and life. Beleaguered business owners spend too much time worrying about what’s not working. Instead, be proactive and do things like consistently saying “thank you” to your customers, vendors and employees. Forget the hackneyed phrase, “Have a nice day.” An attitude of gratitude will help brighten each day and will make you more receptive to new ideas.

Write a to-do list of daily priorities.

Focus on just one thing at a time. Scratch each accomplishment off the list. Feeling burned out is also a common symptom. Start an affirmation list of your qualities – personal and business. Review it daily and remind yourself of your qualities. No item is too small to list.

In cash flow, practice the two M’s – monitor and manage.

Take inventory of your situation. Assess where you are by performing a break-even analysis. Predict spending and what trivial expenses can be cut. Make sure, though, you don’t cut muscle – marketing and human resources. Treat your employees as human capital. And make sales and marketing an important part of every day.

Understand profitability.

Think about how your business should profitably function with business processes, and what is truly necessary for your survival. That, of course, includes key performance indicators (KPIs), setting goals and measuring results. KPIs will range from products to customer satisfaction.

Network.

Develop strategic partners to save costs and to promote your business. Be seen as a team player. Promote your industry. By building up your profession, you will help yourself. Become the go-to person in the eyes of the community and news media. Besides, it’s true that rising tides raise all boats.

By brightening your small-business economic environment, cash flow will turn green for everyone, including you. Picture yourself not being uptight about money – there’s enough to go around. Just look out for your industry and company.

Use the three R’s – recycle, reuse and reduce.

Unlike a large business, you don’t have big cash reserves and large customer base. Leverage all the possible money-saving tools in your business and personal life.

Stay focused.

Fine-tune as you go, but in general, stick with your roadmap. Don’t panic and steer off course. There are no magical miracles or detours. If you’ve done your strategic planning, don’t engage in worry or self-doubt. Do the planned footwork.

Look for opportunities to multiply your sources of revenue.

That includes buying out competitors, especially, if you get a favorable price, terms and valuable talent. Check with your accountant to see if a leveraged buyout is workable. You’ll save cash flow.

Take advantage of technology.

Staying current on technology will help you save time and money, while increasing revenue. The more mobile you are, the more competitive you’ll become.

Look around to help someone less fortunate.

It will help you keep a smile on your face. Customers, vendors and employees will love it.

A FINAL WORD

Use these basic tools, and you, too, will stay afloat. Moreover, you’ll enjoy the swim.