Effective business planning is crucial for achieving success, as it lays a strong foundation for growth and innovation at every phase. Unfortunately, many businesses overlook the significance of maintaining their financial health. While the financial outcomes can reveal signs of distress, these issues often go unnoticed until the company’s performance declines.

It’s widely recognized that “Cash is King,” and effective management of working capital is particularly vital for businesses. On one hand, holding onto idle cash incurs opportunity costs, while on the other hand, meeting payment deadlines are equally important. Sound financial management not only opens up opportunities but also helps avoid potential pitfalls.

So, when was the last time you conducted a financial health check-up?