I just came across this favorite Cash Management Minute, and find its principles to stay true as ever.
It is much more effective to decide what to do instead of what not to do - in skiing and in business!
Does anyone else find this to be true? Or are you looking forward to hitting the slopes this winter like I am?
Let me know your experiences (or your favorite place to ski) in the comments below!
Strategic Action Plans
You know where you are today. You know where you want your business to go. So why is it so hard to change?
Because making real changes in a business takes big, bold shifts in actions, attitudes, and thinking.
You know all of that, so why is it STILL so hard to make changes?!
Because most business owners and managers are so busy working on the day-to-day challenges of running an ongoing business that it is next to impossible to focus on the work needed to create change.
Strategic action plans identify the changes that need to be made in a business and then break them down into achievable tasks that can be accomplished in 1-2 weeks. Most of the time an individual task doesn’t make a major change in a business. But ask yourself, ”What would happen to my business if every week I can implement just two small changes that would move my business in the direction of my ultimate goal?”
Two changes a week would mean 26 changes for your business in the...
A quick internet search on the term “list of ways to grow sales” brings up list after list of “proven ways” to grow sales. Most suggestions are sales and instant demand generation activities.
Why is there so much focus on sales and instant demand generation? Three fundamental reasons:
Click here for the original post by Payne Points.
Click here for a link to the podcast.
"Traditional accounting does not track cash very well. Your cash might be found on your balance sheet."
"The number one way people raise capital for their startup companies is called credit card debt... but there are other options!"
"From a cash flow perspective, I would suggest that you have underutilized resources with any interested party in your business's success."
I was working with a client recently. She is really sharp - she understands everything that I throw at her and always asks great questions.
In her case, she was anticipating a negative bank balance six weeks ahead. She hired me to help her organize expenses around this particular week, and to specifically find expenses that we could move around to avoid a negative balance.
We went from top to bottom on her list of expenses, which ranged from about $100 to $50,000. We tried to move some to a date after the week with the negative balance.
I realized that what we were doing was like moving chess pieces on a chessboard. Moving a large bill was like moving a king or queen; it could change the strategy of the game.
Moving a pawn - a small bill from $100 to $500 - would not make a huge difference, but if you move enough pawns they add up and can even win the cash flow game for you.
Are you interested in learning how to play chess with your cash?
If you are, check out my course Winning...
"Lenders prefer cash flow models, not just a profit and loss statement."