When you win a bid on a large new project, it's easy to get caught up in the challenge of the job and the thought of resulting profits. As the economy has slowed, however, far too many in construction-and particularly in residential construction-have found themselves anything but excited by their financial circumstances. Some small business owners find themselves focused on new business and profits, without looking at the other important factors, such as the delicate balance between accounts payable and accounts receivable. The moment accounts receivable begin to lag, this change must be counterbalanced in accounts payable to maintain healthy cash flow. Otherwise, this situation can quickly undermine a business's financial standing-even when sales are strong.

Today's economy is decidedly more difficult to navigate than just a year ago, and various forces in play can conspire to knock a business off its feet financially. In addition to the changing real estate market, for example, every business is also feeling the effects of increased oil and fuel prices, whether directly or indirectly. These and other factors potentially add up to fewer customers, customers who pay more slowly, and higher expenses. The net result: cash flow concerns. In fact, while 46% of business owners last year said they were experiencing cash flow issues, today, 56% say they have cash flow worries, according to American Express OPEN's Small Business Monitor, a semi-annual survey of business owners.

Regardless of where the economy may take us, the savviest business owners will not only watch sales but will also shape up their practices in accounts payable and receivable. By keeping the following tips in mind, you can optimize your financial standing for a healthier business.

Get the most from your money
To keep your business's cash flow healthy, hold on to the cash you have as long as possible. Be sure that you're taking advantage of the terms that vendors offer, by paying bills as close to the due date as possible-but without paying late. Also consider approaching the vendors with whom you have the longest and best relationships to renegotiate terms that will allow you more time to pay. Extending terms just one extra week can have a positive effect on cash flow.

Another easy way to improve your cash situation through basic accounts payable practices is to use credit cards to delay payments. This practice can allow you to pay invoices just before they're due, and then gain extra time to pay, thanks to the terms of your credit card. Don't forget that some cards will also pay cash-back rewards.