Episode Overview

For a small business, the ability to properly manage their cashflow could be the difference between being successful and having to close the business.  So as an entrepreneur you should ask yourself; does your business have enough cashflow?

Whether the answer is “Yes” or “No”, be sure to listen in as we provide several strategies to help maximize your cashflow and avoid the pitfalls of not doing so.

 

Episode Key Points

  • Managing your cashflow is something every business needs to do, no matter the size (and maybe even more critical for small businesses)
  • Defining what cashflow is and why it matters for your business
  • When estimating your startup expenses, be sure to include enough cash reserves to support the business until it hits break even
  • Understand what working capital is and how it much you should have for your business
  • Cutting expenses can help improve cashflow, but you can only cut so many expenses before you hurt your business
  • Collecting cash sooner will help you improve your cashflow
  • On the flip side, you want to pay your bills at the last responsible moment to give yourself the most time to collect your money
  • Leasing equipment compared to buying equipment will allow you to not tie up your cash
  • Improving the efficiency of your business is something any business can do to improve cashflow
  • Growth is great, but it sucks cash, so managing your growth will help manage your cashflow

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Episode Transcript

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