Money in the bank grants you power, freedom, and most importantly, peace of mind. We all want money in the bank and there are essential practices that will help you to manage the cash flow of your business. In this episode we get into the weeds when it comes to three key areas of cash flow: accelerating, controlling and monitoring..
Accelerating cash inflow.
When you incentivize upfront payments, automate payment processes, and provide your customers with multiple payment options, you'll pave the way for a steady stream of income. This will ultimately create a healthy cash flow that banishes financial worries.
Controlling expenses.
Take the time to analyze your expenses, identify unnecessary costs, and eliminate them without compromising your business's quality or growth. From canceling unused subscriptions to negotiating with vendors for better payment terms, streamlining your expenses will maximize your cash flow.
Cash flow monitoring.
In your business, it is your responsibility to update and adjust your forecasts based on historical data and expected inflows and outflows. Some of you may have challenges in your business such as pricing strategies, seasonal fluctuations, and the need to be safeguarding against unforeseen emergencies. When you understand your cash flow, you will be equipped to take on these challenges without it having a large effect on your business.
So, fasten your seatbelt, grab a pen and paper, listen to episode 108, and get ready to have a consistent flow of money in and out of your business.
1. Boosting cash flow
2. Managing expenses
3. Monitoring cash flow
4. Safeguarding for financial emergencies
Visit lisalarter.com/e108 for all resources from this episode.
