I promise to better manage my cash flow.

Cash flow is the life blood of any business. Even if you show a profit on your income or profit and loss statement, it doesn't matter if you don't have enough cash flow to pay your monthly bills. Your firm will fail if you focus only on profit at the expense of cash flow. Many individuals new to business have to learn this the hard way - by running short on cash. It takes cash to pay your suppliers, meet your payroll every week, and outfit your office. Prepare a cash budget at least monthly and a Statement of Cash Flows along with your other financial statements. It will make running your company so much easier and will help maximize your profit in the end. Cash management is crucial for all firm operations.