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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Strategic Action Plans

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...

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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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