Too Many Cash Flow Management Tools? Business Blueprint Looks to Address Inefficiencies

“One of the bigger things [small business owners] realize is, ‘Wow I spent so much time on the financial, the back office, and not what I love, not what initially drew me to starting a business,’” said Brett Sussman, VP of Marketing & Sales for Business Blueprint and Banking at American Express.

American Express recently conducted a survey with 1,100 small business owners that found that more than three quarters were looking to consolidate their cash flow management tools. That’s because they are often forced to rely on multiple tools to manage and project their cash flow, which uses up valuable time and impacts their ability to just focus on their business.

“What’s happening is in today’s uncertain economic climate small business owners are seeking this visibility and there used to be an expression that ‘cash is king,’ I now think it’s moved to ‘cash flow is king,’” said Sussman.

The survey participants included business owners with anywhere from fewer than 10 employees to 500 employees, spanning various industries. The survey revealed that 60% of SMBs use between two to three cash flow management products currently, with 62% spending 5 hours a week on various platforms and 18% spending even more time. It also showed that consolidating cash flow management products onto one platform would help build confidence among business owners and reduce the time they spend on these tasks.

The cost of tools themselves is also a concern. The data revealed that 36% want more affordable pricing.

“Price is certainly a consideration here and there are out there free cash flow management tools, and that’s something that we’re currently offering with Business Blueprint from American Express,” Sussman said.

Unsurprisingly, American Express is addressing their own findings through Business Blueprint. Among the key benefits of their cash flow management tool is ease-of-use, interoperability, and that it’s free.