How is your system for managing cash flow that creates profits working?
I’m not referring to your bookkeeping system like Quickbooks, Quicken, etc. I mean a cash management system that prevents you from running into the cash flow issues that cause most businesses to fail.
As the CFO of Truth Bomb Academy I know how important it is to have a clear cash management system in place. These 3 Tips for managing your cashflow that takes the guesswork out of it and creates fun, ease and simplicity instead of overwhelm.
- Analyze your cash flow
- Streamline your payments
- Manage Your Finances
First, lets discuss what cash flow is… Basically it’s the flow of cash coming in and going out of your business. A good cash management system involves monitoring cash flow, forecasting cash needs, and determining ways to improve or sustain cash flow.
Watch this video or keep reading below and lets dive into managing cash flow for Profit!!
Tip 1: Analyze Your Cash Flow
Take a close look at your numbers. What came in last month and went out last month? In order to find your net income, gather all your sources of sale income and subtract all your expenses. Make sure you don’t forget any recurring expenses, like rent, insurance, and payroll.
4 Factors that Affect Cash Flow
- Late invoicing and payments
- Sales Fluctuations
- Excessive Expenses
- Excessive Owner’s Pay or Officer’s Salary
Doing your bookkeeping regularly helps you prepare for changes in your cash flow. Using a cash management system that focuses on your profit and telling your money where it is going is critical to the overall success of your business. The cash management system we use and help women set up takes you though a series of steps to analyze where your money is going and how to make changes that will help your business grow and be successful.
Tip 2: Streamline your Payments
I mentioned above one of the factors that affects your cash flow is late invoicing and payments. When your payment are optimized using a system like Samcart for Digital products or Shopify for Physical Products you have safe and secure payment portals for your clients and customers.
Systems like these can handle all your payments, keeping them in one place for you while accepting multiple forms of payments even installment options. Making it easy for you to receive your payments while keeping it simple and safe for your customers.
Tip 3: Manage Your Finances
Analyzing your cash flow and streamlining your payments are important but, they are only pieces of the puzzle.
To bring it all together we need to look at our spending behaviors. Like Dave Ramsey says cash management is 20% knowledge and 80% behavior which is a big reason (among many) why it is important to keep your personal and business finances separate.
This is where Truth Bomb Academy can be your guide. We help women not only set up a fantastic cash management system where you are paying yourself first every time a sale is made. We also help you maintain that system with automation in place so you spend less time and create more profits.
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Looking forward to seeing you at the workshop. If you got value from this post, share it on social and help us spread the word. There is a new business training in the world made exclusively for women!
Yours Sisters in Business,
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