Survival of your cash flow during these times

Survival of your cash flow during these times

During this crazy time of the year, your business also feels the effects of the craziness and you probably do not pay enough attention to the ‘mental health’ of yourself and your business alike.

Why cashflow matters most

Survival depends on cash—many businesses fail not from a lack of good ideas, but from running out of money before payments arrive

Visibility is key—you must know exactly how much money enters and leaves your accounts each week

Avoid doing everything yourself—if you waste time on tasks that you do poorly, you lose money and miss growth opportunities. 

Homework to kickstart good habits in your business

Daily—Review your cashflow forecasts daily and in detail, when is money coming in and how much—forecast adjust with new info and plan ahead

Weekly—Check and follow up on unpaid client invoices weekly

Monthly—Calculate profit margins accurately and cut waste—stop of  delay any small expenses that does not directly help you to make sales or improve operations

Separate accounts—Keep your personal money completely separate from your business funds.  Pay yourself a salary out of the business for the work you do, like any other employee—but keep it separate!

This sounds and look simple, but this is literally the blood pressure of your business, the silent killer.  Keep your finger on the pulse and thrive!