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Step One: Mindset

What's the one thing that business owners never talk about when I ask them to tell me about their business?

Cash management.

I don’t blame them. They didn’t start their business to manage cash. They started their business to do something they really enjoy and get paid for it – like create websites, sell real estate, practice law, do collision repair, or any of a million things that people enjoy doing to make money.

When I start working with a business that has a cash crunch and may not survive, I first work with the business owner’s mindset.

I help them understand that while managing their cash isn’t what they want to do, it will keep their business alive so they can do what they love to do. It allows them to spend more time and energy on what they love, but only after their cash management systems are in place.

Check out my article about 5 Key Mindsets.

Want to talk about managing cash in your business?

Then tell me, what's your biggest cash management...

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Who's on Your Team?

The quality of your team can have a HUGE impact on your cash flow. You are much better off paying ABOVE market wages and benefits to a smaller number of "A" and "B" players than trying to save some money hiring average people at lower wages.

Here are two examples:
 

  • A manager at a bridal shop who ran all sales and marketing. She was not paid in line with the results, asked for more, was told "no", so she left. When the store owner realized how much work was being done, a sales manager and a marketing manager were hired. The sales manager wasn't up to the job and quit after a few months.
     
  • We reorganized a division that was losing a LOT of money. We laid off 50% of the workforce that did not have the skills or attitude that was needed. We rehired back 25% of the headcount with people with the right skills. We needed to pay much more per person and saved very little on compensation. The smaller team produced much better results and we were profitable within 1 year. 

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Fortnight Cash Flow with David Safeer

 

On this episode of Fortnight Cash Flow, David talks with DryRun's Jeremy Burke discussing simple cash flow optimization techniques that you can implement in your own business. 

 

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The Quality of Your Team

The quality of your team can have a HUGE impact on your cash flow. You are much better off paying ABOVE market wages and benefits to a smaller number of "A" and "B" players than trying to save some money hiring average people at lower wages.

Here are two examples:
- A manager at a bridal shop who ran all sales and marketing. She was not paid in line with the results, asked for more, was told "no", so she left. When the store owner realized how much work was being done, a sales manager and a marketing manager were hired. The sales manager wasn't up to the job and quit after a few months.

- We reorganized a division that was losing a LOT of money. We laid off 50% of the workforce that did not have the skills or attitude that was needed. We rehired back 25% of the headcount with people with the right skills. We needed to pay much more per person, and saved very little on compensation. The smaller team produced much better results and we were profitable within 1 year.

People think that this...

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Cash Flow Management Automation Software

“Automation applied to an inefficient operation will magnify the inefficiency.” 

- Bill Gates

I am constantly asked, "What software do you use to implement cash flow management?"

My answer: "I start with an Excel model."

Usually, people are surprised and even disappointed. They want to believe that there is a "silver bullet" that magically picks up their accounting data and will automatically tell them how to improve their cash flow.

It just doesn't work that way.

Why? Because....

Most companies have a very inefficient operation when it comes to managing their cash flow.

Building out an Excel model becomes a conversation about how all the pieces of cash moving into and out of the company fall into place.

After you understand the movement then you can automate the model.

Do you use automation in your business? I'd love to know how, and if it took some time to make it efficient.

Let me know in the comments below!

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The Courage to Lead Episode 94 - Courage to Care About the People

Follow this link to listen to the episode on Apple Podcasts.

I had a great time on The Courage to Lead with Harlan Hammack discussing cash flow optimization (including some counterintuitive tactics), planning for the future, explanation of some of my offers here on the website, and more. 

I also got to share a bit more of my own story of how I came to be involved in cash flow advising. It was not an easy decision, but it was a logical one.

Coach Harlan was a great host - big thanks to him!

Follow this link to listen to the episode on Apple Podcasts.

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Dynamic Mapping interview with David Safeer

Follow this link to listen to the episode on Apple Podcasts.

I had a great time on the Dynamic Mapping podcast with Jeff Mount last week discussing diverse areas of financial advising, common mistakes small businesses make, accrual vs. cash-basis accounting, and more.

I also got to share a bit more of my own story of how I came to be involved in cash flow advising.

Jeff was a great host - big thanks to him! 

Follow this link to listen to the episode on Apple Podcasts.


Did you learn anything new? Did I miss anything? Let me know in the comments!

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Flat Volume with Increased Sales and Profits

 

A few weeks ago I broadcast this information about how to increase sales and profits without increasing volume of any kind. 

Listen in to hear about a specific case study where I made this happen for my client.

If you want to learn more and talk with me, follow this Calendly link to sign up for a brief introductory meeting. The webinar I mentioned in the broadcast will have passed, but I am always available for a chat.

How have you managed your business when money gets tight? Let me know in the comments!

 

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Payne Points of Interest #41 What is Cash Flow? Featuring David Safeer

 

Click here for the original post by Payne Points.

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The Clear PATH To Cash: Money is for Sale Featuring David Safeer

 

"The number one way people raise capital for their startup companies is called credit card debt... but there are other options!"

 

See original podcast here

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