Cash flow is the exchange of promises—both in and out—so it's important to maintain good relationships with vendors and customers while ensuring financial stability. Today, I touch on some of my personal experiences, explain the pitfalls of being overly accommodating, and offer practical advice on setting policies, collecting payments, and managing cash flow effectively to ensure business growth and sustainability.
What you'll hear in this episode:
[0:50] The Importance of Cash Flow
[3:20] The Problem with Lax Collection of Money and Pricing
[4:45] The Importance of Commanding Respect from Your Customers
[6:20] The Importance of Demanding Payment or a Deposit
[7:20] The Importance of Following Your Collections Policy
If you like this episode, check out:
Are You Sabotaging Your Own Cash Flow?
Maximize Profit and Cash Flow (Financial Priority Formula Part 2)
Smart Cash Management for Business Owner
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
