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Small business cash flow

  2. 2. WHAT IS CASH FLOW,AND HOW DO I ‘MANAGE’ IT?<br /><ul><li>Cash Flow for most people issimply ‘cash in-cash out’.
  3. 3. Real Cash Flow Management includes much, much more.
  4. 4. It is the umbrella that covers everything of value-Your Business Assets
  5. 5. Things to consider when you are looking at Cash Flow include:
  6. 6. Inventory
  7. 7. Equipment
  8. 8. Fixed Expenses
  9. 9. Variable Expenses
  10. 10. People; and the cost of them
  11. 11. 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 />
  12. 12. YOUR BOARD OF DIRECTORS<br /><ul><li>You have one – no matter what!
  13. 13. You always let people know the Board exists!
  14. 14. You always consult the Board!
  15. 15. You always give them time to think!</li></li></ul><li>ASSEMBLE A TEAM-YOUR TEAM<br /><ul><li>They are your consultants.
  16. 16. They provide a system of checks & balances for everyone’s work, including yours.
  17. 17. They keep you on track and out of trouble.
  18. 18. They save you money.
  19. 19. They ‘fit’ the pieces of the puzzle together.
  20. 20. They keep you ‘human’.
  21. 21. 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.
  22. 22. If you want a strong Team, you need strong relationships.
  23. 23. Team members should know each other – Invite them to lunch, to a company party or other event in order to be sure they do.
  24. 24. Team members should coordinate activities and communicate with each other-email is the most cost effective way.
  25. 25. 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
  26. 26. Lawyer
  27. 27. Insurance Agent
  28. 28. Bankers/Lenders
  29. 29. Local Business Support Groups
  30. 30. LinkedIn Groups
  31. 31. Industry and professional contacts.
  32. 32. YOU
  33. 33. BEWARE: Family & Friends can be your most expensive professional and personal mistake. Hire people based on skill and preserve the relationships you have.
  34. 34. 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.
  35. 35. Licensing Agencies
  36. 36. Government Agencies
  37. 37. Local, State & Federal</li></ul>The World<br /><ul><li>Competition
  38. 38. Clients, those you have, those you lost, and those you want
  39. 39. Opportunists</li></li></ul><li>CASH FLOW NO-NO’S<br /><ul><li>Dipping into the cash drawer
  40. 40. Dipping into your pocket
  41. 41. Purchasing personal items with corporate funds
  42. 42. Purchasing company items with personal funds
  43. 43. Family and employee loans
  44. 44. 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!
  45. 45. Document, document, document!
  46. 46. Consult your Board of Directors – You DO have one!
  47. 47. Work with your Team.
  48. 48. 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.
  50. 50. Save receipts. Annotate EVERY receipt when you get it.
  51. 51. Sign EVERY check
  52. 52. Balance EVERY account
  53. 53. Pay Every bill- On time, every time.
  54. 54. Plan with your accountant. Share records regularly.</li></li></ul><li>EDUCATE YOURSELF<br />Free & low cost opportunities<br /><ul><li>SCORE
  55. 55. Women’s Business Center
  56. 56. Small Business Administration
  57. 57. Conferences/Seminars/Classes
  58. 58. Chamber Events
  59. 59. LINKEDIN Groups
  60. 60. 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.
  61. 61. Don’t be a money tree, for yourself, your family, or anyone.
  62. 62. Read
  63. 63. Take classes
  64. 64. 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
  65. 65. Investments other than your Business
  66. 66. Wills and Trusts
  67. 67. Education
  68. 68. Retirement
  69. 69. Vacations and time off
  70. 70. Disability
  71. 71. Long Term Care
  72. 72. Contingency operating plan for business.</li></li></ul><li>BE OBSESSIVE COMPULSIVE<br /><ul><li>“Its not what you make-its what you KEEP.”
  73. 73. “Millionaires are not made on dollars, they’re made on dimes.” Andrew Carnegie
  74. 74. “If I don’t have the cash in the bank, I can’t afford the credit.” Bob Kiyosaki
  75. 75. “Life is a game-Money is how we keep score.” Ted Turner
  76. 76. “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
  77. 77. “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 />