By Quincy Miller, Executive Vice President Head of Sales for Business and Commercial Enterprise Banking for RBS Citizens Financial Group, Inc.

According to the Small Business Administration, more than half of Americans work for or own a small business. As a result, small businesses are responsible for nearly two in every three jobs created in the United States each year.

Most successful small businesses, regardless of industry, have a number of things in common. They have strong cash flow, they understand the competitive landscape in their industry and geographic region, and they have plans and the ability to deal with a range of variables in their industry and the overall economy. 

Successfully managing cash flow is one of the most important yet under-appreciated challenges faced by small businesses. Companies that have accelerated their receivables, streamlined their payroll and established more-advantageous payment terms and processes with their vendors, suppliers and customers have a definite competitive advantage in today’s marketplace, no matter their business.

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