ARE YOU READY TO GET OFF THE CASH FLOW ROLLER COASTER?
One of the key reasons why the businesses that are profitable and scaleable are able to fund their expansion activities and build up a healthy cash balance is a professional approach to financial management. Now I know that for many of business owners, looking at the numbers is about as appealing as eating vegetables is for a small child! But if you’re truly serious about making a success of your business, you will be willing to eat your broccoli and spinach and even your sprouts. Metaphorically speaking! And you'll get off the cash flow roller coaster.
Sometimes you just have to say it as it is! The bottom line is those business owners who do have a firm grip on the financials are the ones that buck the statistics where:
- 40% of start-ups fail in their first year
- 80% of businesses fail within the first five years
And who achieve these kinds of business results:
- Are four times more likely to exceed your profit goals
- Are five times more likely to exceed your sales goals
- Are three times more likely to build a large business and to grow it significantly
- Are four times more likely to create jobs
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The business owners I work with who are getting exponential results have knuckled down and got to grips with their numbers. Even if they didn’t much like doing this at the time. And they’re no longer on the cash flow roller coaster, worried from week to week, month to month, about whether they’ve got enough cash in the bank to pay their bills. It’s these business owners who have created the budget necessary to fund the marketing, staff and infrastructure costs needed to fund their business growth.
Take Isabel.* Last year she more than doubled her turnover from £200,000 to £450,000. This year, we expect turnover to hit £650,000. Not quite such rapid growth, but Isabel has spent a lot of time working on the infrastructure necessary to support her expanding business. You see she went from 6 to 20 employees in 18 months. What worked for a micro-business does not work for a business in expansion, on-boarding new employees. One of the key infrastructure changes Isabel made was to bring in a part-time bookkeeper to manage her accounts on Xero. These changes mean we have all the information we need to plan the next stage of expansion for Isabel’s business.
And Mike.* I’m so proud of how he’s invested time and effort into getting his business finances managed properly. Not only has he more than doubled his turnover – from £100,000 to £240,000 in 12 months. But he’s created the budget to invest in a digital marketing agency to manage lead generation and make his a high converting website. Being able to afford consistent lead generation will almost certainly mean Mike will double his turnover over the next 12 months. And be able to afford a larger house for his growing family.
Contrast this with John* who I had to ‘let go’ as a client. (Sometimes you do have to fire your clients). Smart, personable with bags of potential. But not willing to do the core activities that would turn around his failing business. On paper, his should be a highly profitable, fast growing business. But when you ignore the financials, and don’t bother to invoice your customers in a timely manner, it’s not long before a profitable business will run out of cash. John might enjoy being on the cash flow roller coaster. But I saw no reason to go along for the ride!
I want to help as many entrepreneurs as possible to get their business on a solid footing so that they can sleep well at night - and if it's right for them, take their business to the next level. That’s why I’ve just published a short e-book called ‘How To Take Financial Control Of Your Business …. And Get Off The Financial Roller Coaster.” It explains what you need to know to get started without overwhelming you with a load of accountancy gobbledegook.
==>You can download your free copy HERE.
As a gift to help you on your way, I’ll also send you a simple cash flow forecast together with a ‘How To’ video, showing you step by step how to prepare one.
A study by the financial services company U.S. Bank found that as many as 82% of small businesses fail due to poor cash-flow management. I don’t want you to be one of those statistics.
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* Name changed.
Join The Conversation
Question: What’s stopping you from getting off the cash flow roller coaster? I love getting your feedback. Please let me know in the comments box below.
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