Two businesses open at the same time and in their first year they both create $100,000 in revenue. One of these companies has an effective cash flow management system in place and each year their profits increase. The other business is filing for bankruptcy before their fifth year closes.
It’s undeniable both these businesses had good ideas, decent brands, an audience that bought, and started out having great success. What happened? What made the difference?
You will find the answer in their cash flow statements.
Cash-Flow refers to the movement of cash going into your business and going out of your business.
In simple terms if your business is bringing in money, is able to pay all expenses and salaries while adding funds to cash reserve you’re doing well.
To have a thriving company versus one filing for bankruptcy or simply closing its doors takes planning and an ‘Effective’ cash flow management system.
If your business has cash in flow of $10,000 per month you cannot have cash outflows of $12,000.😉
Rich women manage cash flow differently. Watch this video to discover how:
Quickstart Guide to Implementing an Effective Cash Flow System:
- Read and Understand the Book Profit First: Before you start implementing this system, you may want to, you know, read the book first. This will give you a good understanding of the concepts and strategies in the system.
- Start implementing the system: Set up separate accounts to effectively manage your cash flow. Determine what percent of your income goes in each account. Start a rhythm for managing the cash coming in and going out of your business.
- Cut Expenses: This might hurt a little bit but, if you find you are spending more than the new percentage allotment they need to be reduced.
- Review and Adjust: Set up a time each month to monitor your cash flow, review your allocation percentages, and adjust if needed.
- Check Out the Female Millionaire Code: 3M Your Profit: Implementing this system is simple but, not always easy. Here in Truth Bomb Academy we help women to set this up for their individual business with accountability to keep up with it. We are helping women create more profit in their business so their business is feeding them instead of them feeding their business.
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Yours Sisters in Business,
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