Poor cash flow management is one of the leading causes of many businesses failing today and with me in today’s episode of Your Money, Your Business, Your Life is Angela Totman. Angela is a Certified Personal and Family Finance Educator, speaker, and author with over a decade of experience helping people learn how to properly manage their money.
I’ve known Angela for nearly 20 years and for about 15 years, she has worked as the COO at Pay Your Family First. She joins me today to discuss some of the critical areas every business needs to monitor in order to properly manage their cash flow and grow their businesses.
Let the sales start dictating where you need to be.
This Week on the Your Money, Your Business, Your Life Podcast:
- Why tracking the timing of your cash flow is important to managing your business revenue and expenses
- Incentivizing customers and clients to pay long-term debt faster
- How to identify low cash flow cycles
- The benefits and disadvantages of long-term contracts
- What is “burn rate” and how to control it efficiently
8 Cash Flow Management Musts for Businesses:
- Know the timing of your receivable cycle
- Know the timing of your payable cycle
- Create a Spending Plan
- Review your cash flow statement ? in addition to balance sheets and profit & loss statements
- Avoid unnecessary long-term contracts
- Invest in scaling
- Understand your debt load and your debt to income ratio
- Know your burn rate
Help Others Take Care of Their Money, Their Business, & Their Life!?????
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