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And as I hope my advice shows, managing cashflow isn't only about the importance of being professionally miserly.
Recent volatility in precious metals prices has made timing even more key to successfully managing cashflow in the jewellery business.
Managing cashflow is one of dealers' biggest weaknesses, according to one drug specialist at the Serious Organised Crime Agency SOCAA): "Supply of powder is the most resilient thing.
Whether you're just starting up or an established outfit, a sole trader working from your kitchen table or an employer of dozens of staff, managing cashflow can be the make or break of a small business.
In a study carried out by the University of Surrey Business School in conjunction with Kingston Smith accountancy firm, researchers found that managing cashflow was the second most important factor for SMEs to achieve success, after identifying growth opportunities.
Here is this week's panel: Philip is the author of the Managing Cashflow Guides, which were written for the UK Department for Business, Innovation and Skills, and he was involved in the development of the Prompt Payment Code.
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The Institute for Funding Films and Cultural Industries will receive €5m to help bookshops manage cashflow, with a further €4m given to the Association for the Development of Creative Booksellers to assist the transfer of bookselling businesses.
While the 2008 recession was caused by the practices of financial institutions and banks, the challenges it created were felt by business owners; as they attempted to manage cashflow and work within a new economic structure of limited access to capital.
Gretchen is also the author of Cartographer's Toolkit and has grown her business largely through reinvesting the profits and managing her cashflow.
He is also author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can't Afford to Ignore, a guide to understanding and managing business cashflow.
And in particular, how to overcome the twin challenges of financing that terrible period when you're trying to transform your big idea into a marketable product, and managing the cashflow crisis that inevitably accompanies early success.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com