Crowdfunding

Do you know that crowdfunding can be an effective cash management tool for raising capital?

Crowdfunding is pre-selling products that are in development. You owe people something, but usually at a good profit margin. You don't sell equity in your company and you don't go into debt. You do get:

- Publicity before you launch

- Feedback on your product

- Ideas for additional product

- An idea for market acceptance

- Names for your mailing list

- The cash you need to launch the product or business

Most people think of Kickstarter or Indiegogo (I've used Indigogo) as only for new companies...wrong! You can introduce new products as well.

I've done crowdfunding for non-profit as well as for-profit organizations. Possibilities for funding:

- Book launches

- Food vendors

- Manufacturers

- Service providers

- Race/adventure organizers

- Non-profit fundraising

The possibilities are literally endless.

Have you done any crowdfunding? 

Have you bought something from crowdfunding? I've only had positive...

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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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Solve 80% of Your Bookkeeping Needs

Want to solve 80% of your bookkeeping needs to solve cash flow management issues?
Then do two simple things:

1. Reconcile your books every week without fail. Do it on Friday, last thing so you are ready to update your cash flow projections on Monday.

2. Create bookkeeping reports that give you insights into the key cash flow indicators that you need. One example: Accounts receivable aging.

Too simple?

Is there something else that you think needs to be done?

Let me know in the comments.

#tcmp #bookkeeping #reporting

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Focus On Where You Want to Go, Not Where You Don't

The first time I went skiing as a teenager I watched my classmate beautifully ski down the hill and, in slow motion, turn gently to the left and ski into a barn.

The barn wasn't anywhere near the bottom of the run. It was way far away and posed no danger to anyone. But as the instructor shouted "Stay away from the barn!" her turn became sharper until she was pointed directly at the big, red barn!

I suspect that her problem was that she focused on "not hitting the barn" instead of going straight.

That's a lot like when in business we are focused on preventing a result instead of focusing on the result we do want. We often end up "hitting the barn" instead of getting the result.

When I ski and I'm moving fast, I always need to focus on where I need to go and I consciously block thinking about obstacles that could cause danger. I know the danger is there, but I focus on where I want to go.

The same in business. Focus on where you want to go.

I'd love to hear any comments you've had, or...

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Crowdfunding for Cash Management

Do you know that crowdfunding can be an effective cash management tool for raising capital?

Crowdfunding is pre-selling products that are in development. You owe people something, but usually at a good profit margin. You don't sell equity in your company and you don't go into debt. You do get:

- Publicity before you launch

- Feedback on your product

- Ideas for additional product

- An idea for market acceptance

- Names for your mailing list

- The cash you need to launch the product or business

Most people think of Kickstarter or Indiegogo (I've used Indiegogo) as only for new companies...wrong! You can introduce new products as well.

I've done crowdfunding for non-profit as well as for-profit organizations. Possibilities for funding:

- Book launches

- Food vendors

- Manufacturers

- Service providers

- Race/adventure organizers

- Non-profit fundraising

The possibilities are literally endless.

Have you done any crowdfunding? I'm looking for any reason not to do it.

Have you bought something from...

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Cash Flow Management Software

If you are interested in learning more about cash flow management, then you should follow Barb EasterBlaine Bertsch, and Jeremy (JD) Burke from Dryrun - Cash Flow Management Software. These hyperlinks will take you to their LinkedIn pages.

Why would I recommend you follow someone else and not spend all of your cash flow time on my posts and articles?

A few reasons:
1. They have a great point of view

2. They work with end-users and finance professionals from all over the world

3. DryRun is the best cash flow management software I have seen so far for businesses over about $1 Million in revenue

4. They are educating the marketplace

I'd love feedback on what you think about DryRun software.

Do you use cash flow management software? Or spreadsheets?

If so, I'd love to hear your opinion on your software or why you use spreadsheets.

What do you like? What doesn't work? What else do you need?

Let me know in the comments below!

#tcmp #finance #bestadvice

*I am not...

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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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Revenue Growth: Beyond Sales & Promotions

 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:

  1. These are quick fixes that often create the illusion of an increase in sales, followed quickly by an offsetting dip in sales the following month or quarter. The pressure to “make the month” or “make the quarter” overrides the damaging creation of a cyclical pattern that becomes obvious to the marketplace and reinforces these solutions, which usually involve discounting, “stuffing” the distribution channel, or providing incentives to purchase.
  2. This is the “fun” stuff and people are enamored with the creative solutions of advertising, promotions, slogans, flashy websites, and spending money to make money. It feels good to buy...
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Some Bad Advice on Cash Flow Management

Getting good advice on how to implement cashflow management practices can be complicated. Improvements to cashflow management are available for all aspects of your business. The tricky part is figuring out what to start with and what practices aren’t worth the time and effort for your business.

The biggest challenge is that some cash management ideas can actually put you in a worse cash position than when you started.

Conventional Wisdom Isn’t Always Wise

You could start today by implementing some easy things that would give your business quick additional cash. But which easy ideas should you implement? More important, are they right for your business?

I’ve found articles written on each of these ideas. The authors would have you believe that each idea should be implemented by every business:

  • Start charging everything that you can to a credit card. It will give you on average about 30 days to send your cash to the credit card company and not be charged any...
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