Accumulate more cash

If you properly manage your money and do just a few things in advance, you will have more cash on hand, more often. Just by doing these few simple things…

  1. Create a cashflow budget, with just a simple spreadsheet to manage in-flows and out-flows of real “cash” on a daily or monthly basis. A real life physical spreadsheet allows you to see where money is and project where it will go. Mostly, it will make you more aware of what you have and what you’re spending.
  2. Generate a system for receivables. If your biggest clients are holding most of your payments in their bank account, then a script for collecting outstanding receivables is necessary. It doesn’t have to be the owner who does this (actually, it shouldn’t as this sounds like desperation), using scripts allows you to leverage others.
  3. Sell any obsolete equipment. That machine that has been sitting on the floor for the past few months and you’ve barely used? You don’t need it and it will make more money for you on craigslist, ebay or amazon marketplace than actually using it. The money you bring in from selling it could be used for something that will advance your business.
  4. Sell more! Obviously… But this requires a plan on how you will generate more business. Be specific! How much more? $1? $100? $10,000?  What’s your goal? Remember: Goal > Plan > Strategy > Action > Results.  The modern definition of insanity is doing the same thing over and over, and expecting different results. So, if your sales have been consistently declining and you don’t change anything- that’s insane! To get results you must identify S.M.A.R.T goals, develop a plan and actually take the action to change in order to make more money.

 

Your plan for success needs to start today for you to begin seeing results. 

If you would like further information or you have any questions about this blog give me a call at 305-899-9963 or email me at [email protected] and we’ll make it happen.

Coach John
“Living beyond the ordinary”

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