Managing Cash Flow
Rick Dennen: Hi, I'm Rick Dennen, President and CEO of First Franchise Capital, and welcome to Foresight Vlogs. Managing cash flow in a business is one of the most important things you do. When I think about expenses, I really think about three areas of the business, from personnel, overhead, and then your vendor costs. First, from a personnel side, I would look at this stage of the game to look at technology and see what technology can really do to offset the addition of employee costs as you grow the business, or even the replacement of employees by utilizing technology. From an overhead side, constantly looking at the checks and every dollar that goes out the door and thinking through, are there cheaper ways to do this? Are there different ways to accomplish the expense that's going out the door. And the last is your vendor cost or your cost of revenue, and just constantly looking at different opportunities, looking at different vendors, getting competitive bids as you look to expand. Constantly watching that and having that come from the top really sets the tone within the organization. And I think is a prudent thing to do at any point in time.