Small Business Cashflow
I have an interesting few weeks coming up, with my parents coming over from Australia for 4 weeks, starting next Friday.
They’re both fairly healthy but they’re undeniably knocking on a bit these days (Dad will be 83 while they’re here) so I want to spend as much time as possible with them while they’re here.
Which means that my plan is to only work Tuesday to Thursday each week. But I have just as many clients as usual, just as many networking events, and just as much marketing to scrabble around and vaguely attempt (and probably fail) to be consistent with. And also, just as many bills to pay , so I’ll be working hard to make sure this doesn’t dent my cashflow. It’s going to be a serious test of my focus and productivity. No space here for faffing over the next few weeks – oh noooo!
I have a nagging feeling I’m going to discover that I currently stretch 3 days work into 5 days every week and will be slightly embarrassed but enlightened by the time they head back home.
That will be some juicy info to have about my business going forwards though, won’t it? 😯
Talking of juicy info, shall we pop in a seamless, totally invisible segway here to some business advice? ‘Yessss’ I hear you cry. Ok then- let’s talk about cashflow!
If I can manage to be serious for a couple of minutes, (straight face now Cohen!) cashflow is the lifeblood of our small businesses, isn’t it?
But it’s also frequently the biggest headache. That can be everything from ‘I don’t understand the numbers’ to ‘what does cashflow even mean’ to ‘where the hell has all mine gone?’
When you talk about cashflow problems most people assume it’s linked to not having enough customers. Which must mean the solution is more leads and more customers surely?
But that’s often a massive over-simplification.
Because in a lot of cases your lovely small business might already be crazy busy – so how could you handle more customers?
You may well be running around like a headless chicken to try and handle all your existing clients, to keep everything under control, to keep going with your marketing and to occasionally try and balance the books when your accountant starts shouting at you!
On the surface it’s really easy for a small business to look very profitable but still struggle with cashflow every single week or month.
How’s it possible to be really busy with loads of customers – but STILL be skint?? 😫
Well, have no fear, my business tips are here! (And so are 1980s style ‘I’m a poet and I just don’t know it lines’ apparently)
In this week’s video I’ve shared the 3 main reasons you’re most likely to be running around like a blue-arsed fly but still struggling for cash in your business. And I’d hazard a guess that at least 2 of them WON’T be what you think!
I’ve talked in more detail about the impact of:
- Under-pricing, and why that’s a recipe to run yourself ragged without making a profit
- Over-servicing – which is constantly overlooked and feels like the route to retaining clients. When actually it’s the route to draining cashflow.
- Wishy washy habits around invoicing or chasing payments.
Three small, well-intentioned but mahoosively negative habits that you definitely need to try and ditch.
My video explains why each one is such a challenge, and more importantly, what you can do to eliminate them from your business and hang onto a lot more of your well-earned dosh!
If cashflow is a problem but you’d love a bit more guidance in your business to keep you on track, come and join The Accountability Squad, my small but really supportive group to nudge you along every week to build better business habits. It’s a ridiculous bargain at just £25 per month. Go and have a nosy!
