Cash, cash, cash: EBI Business Improvement Specialists
Cashflow is your secret business weapon to survival, prosperity, and growth.
Your greatest ally in business is ‘knowing your numbers’ intimately. Good or bad, they’re your best friend. The closer you get to them, the more in control you are of your business, your outcomes, and your life. If you’re not managing cash flow, you may not be managing much for long.
Cashflow (physical money that flows into and out of a business, over a period of time) is your most important financial number, dictating ability to pay bills, invest in growth, and weather unforeseen challenges.
Having a positive cashflow (cash in is greater than cash out, over a timeframe) is the key to a successful business. Don’t mistake cashflow for profitability; they’re not the same. Profitable businesses will flounder if they run out of cash, leading to serious problems, such as missing payroll, defaulting on loans, being unable to pay suppliers, and losing customers.
Cashflow management comes down to timing, planning, and taking action. Vital to that is forecasting your cash flow as far into the future as possible so you can plan and manage it accordingly. Think about how to increase and speed up cash in, increase sales, pricing, accounts receivable, and how to reduce or slow down cash outflows such as loans, expenses, and accounts payable.
EBI Business Improvement Specialists are hosting a Business Builder Seminar, focusing on Knowing Your Numbers and Cashflow. This is a free event, on Wednesday 6 March at 5pm, open to all business owners. If you want to learn more, and connect with other business owners, register at the website below.
