Oct 11, 2021 | Lessons | 0 comments
Every business owner knows cash is king. But many find themselves on the back foot managing their cash flow just to keep their head above water.
What if you have growth ambitions? How do you set the business up financially to make strategic investments or seize opportunities?
Educate yourself. It is not enough to say, “oh, my accountant does it.” No matter how much we value their input, it is really up to us. Only we can make the decisions of how we allocate cash (and time) to what projects.
Make sure you take advantage of the myriad of courses available for you to skill yourself up and become cash flow confident.
What does it mean to becoming cashflow ‘confident’?
Your time (and energy) are as important. Keep your eye on the big picture and make sure you’re investing your own time where it has the most impact. Perhaps you could think of this a ‘ROTI’ (Return on Time Invested)
You have probably heard of the adage, “work on the business, not ‘in’ it.” But what should you do when you find yourself on the treadmill?
I often say, you know, who owns your business? Do you own the business or does it own you? And if it owns you, it’s really time to have a talk to yourself.
By channelling your cash into operations or investment, you can choose who and what time to make available.
These choices enable you to outsource the elements of your business that you loathe and assist you to focus on the ones you love where time is money and money is time.
I’ve got a lot more to say on this topic. You can dig deeper with this recent video interview I did with Airwallex. I hope these insights work as well for you as they did for me.
For more information on the #choosegrowth campaign with Airwallex click here
Also published on Medium.
Follow my Story on Twitter Follow
Entrepreneur: Podcast #Handpicked, Author: #LiveWhatYouLove & #ReadyToSoar, Speaker, LinkedIn Influencer, ‘Shark’ @SharkTankAU.
Ep 10 Season 3 Handpicked Podcast just in time for your summer listening The one essential for any founder. So I have finally been ‘stumped’ for words. Twice Marty has reinvented the concept of the photo booth for events. #success #goals #goodvibes #mindset #entrepreneur
Ep 9 Season 3 Handpicked Podcast What makes a business owners successful? Tamsin sees that Entrepreneurs can play a big role in leadership throughout our economy, #business #entrepreneur #startup #entrepreneurlife #entrepreneurship #startuplife #branding #smallbiz
Ep 8 Season 3 #Handpicked #Podcast. Remember the basics of supply and demand..Moving to Melbourne Australia, from Romania to start a property development business in January 2020 might not have been the ideal time for Dan to kick of his business. #listen #business
I’m committed to shifting the way people experience life
Tell Naomi a little bit about your business by completing the questions below. (It will take less than 60 seconds)
Answering your #1 Biggest Business Challenge question tip:
Go beyond just saying “Poor Cashflow” or “Unreliable Team”.
Instead, give Naomi details & specifics on how this is currently your #1 Biggest Business Challenge.
I.e. “Every month I’m struggling to pay my bills on time because there just isn’t consistent cash flow coming into the business. I’ve tried sticking to budgets in the past & pay myself less to keep some extra funds aside for emergencies, but still every month there seems to be another financial fire to be put out. I don’t know what to do about it, so I’m just grinding it out.”
This post was aggregated from Naomi Simson’s blog (https://naomisimson.com).