TIPSY TUESDAY | 5 Moves To Boss Up Your Business Cashflow
Ready to pay less taxes, see increases in your bank account?
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.
Pigeon Lake Wellness Studio - Janelle Ford
Relax. Rejuvenate. Replenish. Restore. Enjoy a mini road trip out to the lake and enjoy the fresh country air and relaxation that comes with being surrounded by nature. We are a rural studio at Pigeon Lake located 50min southwest of Edmonton.
Relax. Rejuvenate. Replenish. Restore. Enjoy a mini road trip out to the lake and enjoy the fresh country air and relaxation that comes with being surrounded by nature. We are a rural studio at Pigeon Lake located 50min southwest of Edmonton. We are located in the serene resort town called the Village at Pigeon Lake. We offer a variety of retreats, workshops, yoga and fitness classes all in one convenient location and all year round.
We also collaborate with other businesses to support them with either space rental or can provide assistance with their event.
We offer a range of retreats including corporate wellness retreats, couples retreats, girlfriend getaways, bachelorette parties, yoga and spa days and more.
We can also help businesses or individuals customize their own retreats!
End of the year notes with Coach Lilly Wang
Do you like setting goals for yourself? Do you think setting resolutions, or thinking about what you want out of a new year year, at the start of the year, is important?
Do you like setting goals for yourself? Do you think setting resolutions, or thinking about what you want out of a new year year, at the start of the year, is important?
If you’re following us, you probably answered “yes” to one (or all) of the above. And yes, goal setting and planning is certainly what help us get to where we want to go.
However, what many people don’t do enough of is “wrapping things up.” This is a quantum physics tool that I use with my clients — that of wrapping things up, and of “closing the loop.”
WHO IS LILLY?
Hello, my name is Lilly, and I help people get more of what they want and what they deserve. In so doing I often call upon my quantum physics (spiritual) training, something I started about 2 decades ago. I’ve worked on different types of projects involving consulting, coaching, and teaching across the globe.
Whether on large-scale national level projects with the World Health Organization, or with small businesses and solopreneurs wanting to grow more and live out their passion more, I absolutely love seeing people ask for help and reaching more of their potential.
LET‘S GET STARTED!
Okay, so why do I advise people to “close the loop?” Read on to get a glimpse of what coaching looks like!
I advise clients to practice different tools to “close the loop” on many things in their lives so that they can “complete” things, so that they can then “begin” other things with better and stronger energy.
This can be explained at the mental level, and understood on the emotional level.
For example, if you are experiencing miscommunication or crossed wires with a colleague or business partner, does that unspoken tension feel good, or bad? Probably bad, right? So would having a conversation about it help? Yes, if the conversation can be done in an open and respectful space, it often would, wouldn’t it?
This scenario represents what I call “closing the loop” and resolving an incomplete issue. By closing the loop here, we find a sense of “completion,” so to speak, to a problem that was previously causing tension, and one that may have been affecting team morale and productivity.
And so it is with other things in our lives. We all make promises to others, and set goals for ourselves. But we feel a sense of tension when we don’t take the necessary steps toward them, don’t we? So whether it’s in our personal lives or our business and professional lives, it stands to reason that the more loops we close, the less tension we feel, and thus the more energy and positive emotions we might have remaining, for actually creating the life we want.
I help clients with more complex and more personal situations, and often use tailored tools and systems that apply to their situation at that time, which I can’t exactly do with you as I don’t quite know what your goals are and what it is that you’re going through right now. But here are 3 very simple things I could advise you on doing that would really help in closing the loop and finding a sense of completion and peace. Ready?
Sit in a quiet, comfortable space. If you’re musically inclined, you can put something soft or inspiring on.
Grab a journal and write the following down. I’ve attached quantum physics coaching (explanations) next to each of the 3 steps to help explain why these activities are so powerful.
1. 10 things for which you can thank and praise yourself.
Examples of this might look like “I am thankful I finished that scary email today.” Or “I feel really proud of myself for having put myself out there and reaching out to so and so last week.”
Why? Because most people feel too much tension about their broken promises to themselves, so we need to start flipping the script on this and acknowledging the good that we do!
2. Next, 4-5 things for which you can forgive yourself.
Examples of this might look like “I forgive myself for not having been as kind as I would have liked to have been to so and so, when such and such happened this year.” Or “I forgive myself for not having asked for help when I needed it this past fall.”
Why? Because when most people dream of what they want in life, they’re the first ones to stop themselves from going after them. They might cite that one time 10 years ago that they didn’t follow through, or those 50,000 times in the past year during which they didn’t give it their all.
I’m not trying to depress you here, but rather, to point out how common it is for so many of us to stop ourselves in the track when goal setting. Learn the steps to self-forgiveness, and you’ll see yourself becoming more and more open to the things you do want, and do deserve.
3. And lastly, 10 things for which you can say gratitude.
Examples of this might look like “I am so thankful for the kindness and patience that so and so showed me last week when we were on zoom.” Or “I am so grateful that I have 2 great mentors in my life.”
Why? Because giving true and genuine thanks is one of the most powerful ways of raising our energetic vibration. And why would we want to raise our energetic vibration? Because all the good things we want in life - fulfilment, self-actualization, love, self love, joy, and so on, exist on a high energetic vibration.
Do this once before the end of the year, and once again at the start of the year if you can. Let me know how it goes and how it helped you.
CONCLUSION
Closing the loop and finding a sense of completion help us let the past stay in the past, thus creating an energetic space in which we can actually start dreaming of our vision and goals again.
If you’ve heard me speak or if you work with me, you’ve probably heard me say that throughout my career in consulting and coaching, I’ve never seen a lack of talent being an issue. We as humans are all so full of talent and potential. But what I’ve seen is an ability to follow-through, to believe in ourselves, and to continue and persevere when things get tough (and things will always get tough).
Most people don’t allow themselves to dream. Let’s flip that script, and begin to dream about the life we want again, beginning with these tools.
Thank you for reading this today. :) If you have any questions, please don’t hesitate to reach out and ask!
With love,
Lilly
CONNECT WITH LILLY
If this helped you today, consider following Lilly here:
Instagram: @thelillywang
Facebook Group: https://www.facebook.com/groups/successeveryday
Or booking with her at https://calendly.com/lillystrategy
UP NEXT:
Lilly and YEG Boss Babes are creating a “Working from Home with Kids Survival Guide” launching in early 2021 and we are so excited! This is a fun, supportive, and coaching-oriented digital download!
Happy Holidays from Lilly Wang and YEG Boss Babes!
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