TIPSY TUESDAY | 5 Moves To Boss Up Your Business Cashflow
5 Moves To Boss Up Your Business Cashflow
Ready to pay less taxes, see increases in your bank account? I am sure you are, after all who wouldn’t be ready???
Hands up....who remembers when they were learning to drive? I do remember!! In particular I was afraid when big vehicles like trucks or trailers came near me.. I would start looking at them instead of keeping my eyes on the road. My instructor would keep reminding me to keep my eyes on the road and be focussed. Those instructions I kept with me as I learnt to drive in the snow, on ice and through the mountains. Keep focussed. Keep focussed.
Focus can be hard especially when there are so many things to keep your eyes on.
In a business it’s no different...what will make your business successful and not another failure or statistic?
The number one reason businesses fail is lack of paying attention to their financial numbers, not paying attention to warning signs, red lights and key indicators. Cash flow warning signs are often ignored or not understood due to lack of understanding the financial numbers of your business.
Like your body your business cannot survive without cash flow. Cash flow is the lifeblood of your business. It is similar to the oxygen needed for the body to survive.
You have to train yourself as a business owner/entrepreneur to keep your eyes on the key things that will make your business succeed.. you have to keep your eyes on the financial numbers and cashflow to ensure your business is cash positive and recession proof.
Your business is needed by your community, country and the world at large. It is needed to impact lives around your community and the wider world and of course allow you to live your legacy now.
Why would you risk losing your business by not paying attention to the key thing to ensure it survives? Why would you not be proactive/innovate when it relates to your business?
Let’s look at 5 ways to BOSS up Your business cashflow:
1) KEEP YOUR BOOKS, FINANCIAL RECORDS CURRENT- You cannot afford to have late entries, late recordings and delays in your business when it comes to producing your financial numbers. You are at a greater risk of fraud and losing money from strategies that are not working when your financial records are not updated timely.
2) UNDERSTAND THE FLOW OF CASH – Know the various sources of your cash inflows and cash outflows, know their timing - when will they impact your real life bank account. The flow of cash is very key to making decisions in your business and help you increase cashflow.
3) CATEGORIZE YOUR BUSINESS TRANSACTIONS CORRECTLY - You will save on taxes paid and ensure tax benefits and credits are utilized accurately.
4) USE KEY METRICS -. Be positioned to stop money leaks. If you are not using "What If Analysis" to be innovative and proactive, you are not able to quickly tell if your business is en route to bankruptcy. Bankruptcy does not according to popular belief happen overnight. There are key signs that are often ignored or not understood.
5) USE CASH FORECASTS – This is a key tool to know your starting and ending position with cashflow each period. This tool is integral for any business, it sets the foundation for strategy formulation, decision making and so much more for your business.
As a bonus you will receive a session with Kirsha when you purchase the above!
As a business owner/entrepreneur you may not be physically doing these tasks however you need to ensure they are being performed by reliable experts who are able to pick up quickly on errors and other red flags to minimize the risks of your business not responding quickly or being innovative or proactive toward any issues.
The number of followers on social media, your email list and the number of likes when you post content can at times lead to your distractions about what matters in your business. While they do matter focussing on the key financial numbers will help your business to be positioned to be recession proof and cash positive.
So what will be the key thing you focus on in your business no matter what?
Submission by Kirsha Campbell, CPA, CMA “The Cashflow Maven”
When business owners find their businesses in financial chaos and are serious to take the leap to say hello to cashflow and MORE, they reach out to Kirsha Campbell “The Cashflow Maven”. A CPA/CMA, Kirsha integrates all the moving parts in your business to set up the right foundation to be recession proof, operate with reduced risk, increase cashflow, set up effective systems and procedures and so much more. Kirsha helps business owners to say goodbye to overwhelm, stress and frustration about their business results and operation.
Kirsha values continuous improvement and is sought after for her attention to details, integrity and her passion to turn businesses around. Having spent years in the corporate world, she understands key strategies that need to be adhered to ensure businesses are successful and set up to be recession proof. She also understands the need for businesses to have customized strategies that fit their particular situation.
She is deeply passionate about helping her clients and is committed to forming lasting relationships. She has a heart for her clients and is deeply committed to their businesses being set up for success and be their “go-to” second brain for their business.
She expertly steps into each relationship with her clients and is committed to create change and effective solutions in businesses recognizing the importance of looking beyond the numbers.