“Never give your financial power away.”
— Melissa Houston
The discouraging statistic is that 87% of businesses fail due to financial mismanagement — and probably 99% of them fail because the business ran out of cash.
Because cash is the engine that keeps every single business running.
It isn’t enough to have high revenues… or even high profits. If you’re not managing your cash properly, regularly monitoring your expenses, and recognizing and plugging money leaks in your business, then you have a high chance of winding up bankrupt.
Maybe even sooner than later.
This solo episode of the Business Society Podcast is a practical guide to managing your business finances, including keeping track of your accounts receivable, creating plans for upcoming expenses, developing your cash forecast, how to best use (and apply for) lines of credit, and how swift growth can actually harm your cash levels.
In this episode, you’ll discover:
✔ Why YOU need to understand your numbers (even when you have an accountant, bookkeeper, or even CFO)
✔ What “cash management” looks like in practical terms — and actionable tips to implement it into your business
✔ How to deal with delinquent accounts without harming the client relationship
Highlights:
02:24 The important of cash management
04:13 YOU need to understand your numbers
05:06 What cash management means
06:56 Dealing with late payments
10:21 Cash receivable v. cash going out
12:15 Lines of credit
13:48 Situations that affect your cash levels
14:22 Freshbooks
Links:
BLOG POST
Freshbooks (Promo code: CODE)
The Business Society: https://thebusinesssociety.co
5-Step Roadmap to Biz Finance Freedom: https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap
Biz Basics: https://melissahoustoncpa.lpages.co/biz-basics-long-form-sales-page
The 20 Minute Money Method: https://melissahoustoncpa.lpages.co/the-20-minute-money-method
Confident Cash: https://melissahoustoncpa.lpages.co/mm-cfo-long-form-sales-page
Personal Finance Money Method: https://melissahoustoncpa.lpages.co/moneymethodmembership
Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com
