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“I started to pay a lot of attention to exactly when we were going to do the work and, more importantly, when we were going to invoice and get paid. We would start to do projections farther out so we knew not only what we had on contract, but how that money would be coming in, and that led to paying a lot more attention to the contracts we were signing.”— Blaine Bertsch, founder of Dryrun (dryrun.com)

For the full recap of “How do you keep the cash flowing?,” including video and audio, visit capitalideasedmonton.com/events

Here’s what Capital Ideas members took away from the Oct. 15 panel:

“The time to get stuff put in place … is not when you’re having a cash flow problem, but when you have money in the bank or when you’ve just been paid for a big project and you’re not screaming for anything.”— Chris Vilcsak, president and CEO of Solution 105 Consulting Ltd. (solution105.com)

“It comes down to relationships with your vendors ... and we’ve learned to leverage and build relationships with banks more… It’s important to reinvest our money back into the business, because we are still a younger company.”— Alexander Polkovsky, co-owner of NuEnergy Group (nuenergygroup.com)

“Building relationships is a good investment for managing cash flow crunches.”— Patricia Bullock, founder and owner of Whish — whish.ca

“Businesses should keep good relations with their bank, in the event that there are unexpected cash flow issues”— Desmond Chow, senior financial adviser at ATB Securities — is.atb.com/poitraschow

“Relationships with your vendors are important. Build your track record, leverage funds, and reinvest.”— Beverley Jackman, founder of beverleyjackman.com

“The model you work on (subscriptions versus contracts, for example) helps determine cash flow.”— Brittany Kustra, communications manager at Northern Alberta Business Incubator Society — nabi.ca

“Manage cash flow better by starting to look at cash flow forecasting, as well as when projects start and their timing.”— Kevin MacDonald, owner of PU Technologies Inc. — putechnologies.tk

“Cash flow is king!”— Alex Paredes, president and CEO of Paredes Consulting Services Ltd.

CAPITAL BUZZ:

ALSO IN ATTENDANCE:

THANK YOU!Trevor Smith, relationship manager at ATB Business, congratulates door-prize winner Nicole Medeiros of Alberta Women Entrepreneurs.

NEXT EVENT: HOW DO YOU HIRE WELL?

RSVP AT CAPITALIDEAS33.EVENTBRITE.COMWHEN: NOV. 19, NOON TO 1 P.M. WHERE: THE EDMONTON JOURNAL (10006 101ST ST.)

How do you keep the cash flowing?Entrepreneurs share tips for managing money

PHOTOS BY VICKIE LALIOTIS/CAPITAL IDEAS

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