Learn how to help your business survive and thrive by understanding your numbers. The one thing you really need to keep an eye on is money in the bank.
Why is cash so important?
Cash is important because if you have no cash in the pipeline and no access to cash, then you won’t be able to pay your suppliers or staff and you won’t be able to invest. Things will ultimately come to a halt. It doesn’t matter how big your business.
The one thing that determines survival over anything else, is that cash item. For any business, you need people to supply goods and services to you.
Where does that money come from?
The main source of cash should be money that you draw or money that you borrow. There is a risk there involved to invest for profit later. You may have items you don’t actually need any more that you wish to sell. The core of cash should come from your customers. Customers are the one’s that are paying your bills.
Get more acquainted with looking at your company’s bank accounts. Look at the items going in and out of that bank account. Then you can determine what is necessary.
Remember when you look at your bank balance, there may be times that things look very healthy. When looking at that money, how much of it is actually yours?
Learn more about cash being the lifeblood of your business, not being scared of what’s going on with cash and how to be more aware of your numbers during this episode.
In This Episode
- What’s been important to me in my business?
- Cash in your business
- Connecting closely with your numbers
- The future prosperity of your business
- Generating future business
- Understanding payments and commitments