Start by organizing what you need: outline your objectives, inventory your assets, estimate your outstanding debts and prepare a list of family members and other beneficiaries. Use this information to carefully consider how you want to distribute your assets. Ask yourself lots of questions: Is it important to pass my property to my heirs in most tax-efficient manner? Do I need to establish a trust to provide for my spouse or other beneficiaries? How much money will my grandchild need for college?

Taking inventory of assets may be key to making a will. Assets should be mentioned in your will. Any items not specifically mentioned may be addressed in a catchall clause of your will called a residuary clause, which generally states, "I give remainder of my estate to ..." Without this clause, items not specifically mentioned will be distributed in accordance with law.

Cash is ready money in bank or in business. It is not inventory, it is not accounts receivable (what you are owed), and it is not property. These can potentially be converted to cash, but can't be used to pay suppliers, rent, or employees. Profit growth does not necessarily mean more cash on hand. Profit is amount of money you expect to make over a given period of time. Cash is what you must have on hand to keep your business running.

Cash flow refers to movement of cash into and out of a business. Watching cash inflows and outflows is one of most pressing management tasks for any business. The outflow of cash includes those cheques you write each month to pay salaries, suppliers, and creditors. The inflow includes cash you receive from customers, lenders, and investors.

There are two types of cash flow, positive and negative. Positive cash flow means, if its cash inflow exceeds outflow, a company has a positive cash flow.