In This Episode
Business owners can be a worrisome bunch. Oftentimes owners aren’t even sure what to worry about. One of the top worries for business owners, no matter what stage they’re in, is cash. More specifically, will I run out of cash? So how do you keep track of all your money?
One of our 7 Keys to Success is Cash Flow Forecasting. More specifically, we coach our clients how to forecast cash by day for the next 90 days. Stop and think about that for a second. Can you imagine a world where you know you will have positive cash in your business for the next three months? What would that feel like? Have you experienced this relief and excitement before?
Chances are you’ve experienced the terror of something like having payroll due this week and not having enough money in your accounts to cover it. So this bliss of having 90 days of positive cash forecasted feels just the opposite of that terror from falling short on payroll. During the show today we covered several ways to forecast your cash flow and how to finally answer the question of knowing you won’t run out of money!
People, Companies and Resources We Mentioned in the Show
- 7 Keys to Success (https://maximumvp.com/7-keys-to-success/)
- CARES Act (https://home.treasury.gov/policy-issues/cares)
- Paycheck Protection Program (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program)
- Sesame Street (https://www.sesamestreet.org)
- Cookie Monster (https://en.wikipedia.org/wiki/Cookie_Monster)
Join Us Next Time
Join us next week when we chat about some fun family business items. More specifically, we will start with giving insight into why you should hire family last instead of first?