What’s more important for your Small Business, profits or cashflow? If you’re a regular listener of the Small Business Show, you know what we think! Join us today as we dig deep into to the importance of managing your available cash and how to get through the inevitable cash-crunch when it hits you.
Your co-hosts Shannon Jean and Dave Hamilton share their tips, strategies and stories about the why and how of using your accounting software correctly to help with cashflow reporting, why it’s important not to fall in love with your P&L and why you need to avoid the “shiny object” trap that can suck much needed cash out of your business.
We then jump into ways to raise cash when you need it quickly, how to use unconventional methods to raise short term cash and ways to manage longer term funding from banks and other lenders. The show wraps up with a discussion about the importance of measuring and different methods to measure all aspects of your business – including your cashflow.
Join us today and then share your comments on the Small Business Support Group!
- 00:00:00 Small Business Show #185 for Wednesday, August 22, 2018
- 00:01:42 “By, For, and About Small Business”
- 00:04:20 Don’t fall in love with the P&L
- 00:06:41 Import often!
- 00:08:57 Profits are for other people, Cash is for you
- 00:10:07 Matching Your Terms
- 00:12:02 Negative Cash Flow
- 00:13:01 Buy used! Buy at auction.
- 00:15:47 SPONSOR: Gusto is refreshingly easy payroll, benefits, and HR for the modern small business. Visit Gusto.com/SBS for a free, 3-month trial.
- 00:17:22 SPONSOR: Visit TextExpander.com/podcast for 20% off your first year.
- 00:19:15 Sometimes embarrassment is your friend
- 00:20:01 A 2-inch stack of credit cards to solve your problems
- 00:21:49 Dump the junk!
- Accept Sunk Costs.
- 00:23:00 Timing a blowout
- 00:24:51 Pick special customers
- 00:25:30 Sell it for what it’s worth
- 00:26:06 Slow down your A/P
- 00:28:24 Things happen – Communicate with your vendors
- 00:29:40 Treat your vendors like they’re customers
- 00:30:03 Use your lines of credit wisely
- 00:31:42 Talk with your banker about “terming it out”
- 00:34:04 Measure everything
- 00:36:36 SBS 185