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MONEY, MONEY, MONEY WHERE IS MY MONEY???<br />

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WHAT IS CASH FLOW,AND HOW DO I ‘MANAGE’ IT?<br /><ul><li>Cash Flow for most people issimply ‘cash in-cash out’.

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Real Cash Flow Management includes much, much more.

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It is the umbrella that covers everything of value-Your Business Assets

5.
Things to consider when you are looking at Cash Flow include:

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Inventory

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Equipment

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Fixed Expenses

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Variable Expenses

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People; and the cost of them

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Time</li></li></ul><li>There's no reason to be the richest man in the cemetery. You can't do any business from there. <br /> Colonel Harlan Sanders<br />You can’t do it all alone without ending up alone.<br />The time people in small businesses lose track of is their biggest financial investment, and often, their biggest mistake.<br />

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YOUR BOARD OF DIRECTORS<br /><ul><li>You have one – no matter what!

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You always let people know the Board exists!

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You always consult the Board!

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You always give them time to think!</li></li></ul><li>ASSEMBLE A TEAM-YOUR TEAM<br /><ul><li>They are your consultants.

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They provide a system of checks & balances for everyone’s work, including yours.

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They keep you on track and out of trouble.

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They save you money.

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They ‘fit’ the pieces of the puzzle together.

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They keep you ‘human’.

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They give you back your most valuable asset- your time.</li></li></ul><li>RELYING ON THE TEAM<br /><ul><li>Building a Team requires building relationships.

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If you want a strong Team, you need strong relationships.

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Team members should know each other – Invite them to lunch, to a company party or other event in order to be sure they do.

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Team members should coordinate activities and communicate with each other-email is the most cost effective way.

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Remember that YOU are a Team member-in fact, you are the team Captain, and need to be just as involved, concerned, and aware of what is happening as any other team member.</li></li></ul><li>WHO IS ON THE TEAM?<br /><ul><li>Accountant/Bookkeeper

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Lawyer

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Insurance Agent

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Bankers/Lenders

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Local Business Support Groups

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LinkedIn Groups

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Industry and professional contacts.

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YOU

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BEWARE: Family & Friends can be your most expensive professional and personal mistake. Hire people based on skill and preserve the relationships you have.

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Talk to your Board of Directors about who to include before you add members.</li></li></ul><li>THE MOST IMPORTANT REASON FOR THE TEAM??? SHHH! SOMEONE IS WATCHING YOU-AND YOUR MONEY!<br />Regulatory Agencies<br /><ul><li>Health Department.

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Licensing Agencies

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Government Agencies

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Local, State & Federal</li></ul>The World<br /><ul><li>Competition

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Clients, those you have, those you lost, and those you want

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Opportunists</li></li></ul><li>CASH FLOW NO-NO’S<br /><ul><li>Dipping into the cash drawer

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Dipping into your pocket

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Purchasing personal items with corporate funds

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Purchasing company items with personal funds

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Family and employee loans

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Failure to Document</li></li></ul><li>CASH STRAPPED? BORROWING OR LENDING BASICS<br /><ul><li>Have a pay back plan- with interest, and honor it, no matter who the lender is!

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Document, document, document!

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Consult your Board of Directors – You DO have one!

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Work with your Team.

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Remember-Someone, in fact lots of people are watching, especially the IRS.</li></li></ul><li>KEEP A “PAPER” TRAIL<br /><ul><li>Use a strong software program to record all expenses and income.

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BACK UP YOUR FILES

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Save receipts. Annotate EVERY receipt when you get it.

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Sign EVERY check

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Balance EVERY account

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Pay Every bill- On time, every time.

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Plan with your accountant. Share records regularly.</li></li></ul><li>EDUCATE YOURSELF<br />Free & low cost opportunities<br /><ul><li>SCORE

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Women’s Business Center

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Small Business Administration

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Conferences/Seminars/Classes

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Chamber Events

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LINKEDIN Groups

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Public Library</li></li></ul><li>GET YOUR PERSONAL FINANCES IN ORDER<br /><ul><li>You are the foundation your business began with, and the one it continues to build upon.

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Don’t be a money tree, for yourself, your family, or anyone.

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Read

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Take classes

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Ask questions- You do have a Team</li></ul> to rely on.<br /><ul><li>Implement what you learn.</li></li></ul><li>Have a plan (and include your family)<br /><ul><li>Budget

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Investments other than your Business

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Wills and Trusts

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Education

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Retirement

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Vacations and time off

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Disability

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Long Term Care

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Contingency operating plan for business.</li></li></ul><li>BE OBSESSIVE COMPULSIVE<br /><ul><li>“Its not what you make-its what you KEEP.”

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“Millionaires are not made on dollars, they’re made on dimes.” Andrew Carnegie

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“If I don’t have the cash in the bank, I can’t afford the credit.” Bob Kiyosaki

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“Life is a game-Money is how we keep score.” Ted Turner

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“A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.” Robert Frost

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“Neither a borrower not a lender be; for loan oft loses both itself and friend.” William Shakespeare</li></li></ul><li>Your business is like a vehicle, designed to get you from where you are, to where you want to be.<br />How you manage your cash flow, both in the business and personally, determines what you will drive, where you can go, and what you can do as you travel.<br />