Good cashflow management is absolutely fundamental to the success of your business.
Did you know that 90% of businesses fail because they don’t manage their cashflow well? In this podcast we will give you an introduction to cashflow and some tools you can use to really get on top of it.
Take a listen on your favourite platform:
- The trick to good cashflow management is to keep track of the amount of money coming into and out of your business, the timing of when your money is due to come in or out of your bank account, and understanding the risks
- Understand what is a variable cost
- Understand what is a fixed cost
- Make sure you know how to interpret three types of financial statements: balance sheet, profit and lost statement, cashflow statement
- Be conservative
- Set and review expectations
- Keep your business and your personal bank accounts separate
If you would like to read an introduction to cashflow article, here’s the link:
“I’ve received business coaching and they have helped me start my business as well. I did have a business plan and a cashflow plan already because I’d done one for the NEIS program. We simplified it to the Many Rivers format and my Many Rivers business coach, has been very helpful with profit and loss statements.” – Trista, Trizzy’z Hair, Cressnock NSW
Don’t stop now! There is so much more to learn about how to start, stay and thrive in business and we have plenty of resources to help you get there. For a clearer understanding of what resources and topics we have available, take a look at our resources roadmap here and plan your learning journey now!
For existing clients, make sure you reach out to your business coach if you have any more questions about this topic. It is always a good idea to talk about what you just learnt. They might even have some more tips to share with you.
If you are new to Many Rivers, find out more about what we do by looking at some of our client stories. Each of our clients have a very different journey to share about their business and their experience working with Many Rivers. You can read about the different programs we have available here.
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