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Watch your cash! The last two hours online are the longest but those are the two hours you save when you save your business by watching cash flow.
Watching your cash flow is about how your cash flow works for you. Or doesn't!
Working for you
Make sure your expenses generate income.
By the way, does this concept feel too basic? If so, that's an error in judgement.
Your cash flow is on your critical path. Doing it wrong causes more businesses to go under than you can imagine. Offline businesses! Online businesses!
Your cash flow holds the key to important lessons. But... sadly? The facts of life about your cash flow are also among the most misunderstood.
80% of small businesses fail within their first three years. That's a hefty chunk of dreams dashed, isn't it?
Notice the statistic I is not failure from a lack of profitability! Your cash flow differs from your profit.
Your cash flow is the life blood of your business
1. Your business pumps fresh cash in as INCOME
2. Income is your cash flow deposited IN..
3. Your business pumps your cash flow out on bills for EXPENSES
4. Expenses are your cash flow OUT
5. Timing is everything...
Profit is important. But Cash Flow is King!
You can be profitable beyond your wildest dreams and plans - and still fail because of your cash flow. Do things to get your cash flow working well in your business.
What is your role with your cash flow?
(1) Watching!
(2) Noticing!
(3) Paying Attention!
(4) Caring a lot!
(5) Awareness!
(6) Being ready to change behavior...
(7) Being willing to take action!
What's important?
As important as cash flow is for all business? To get your business online, do you know what you really need most? YOU.
That's right. Just YOU!
You...
(1) Focusing
(2) Preparing
(3) Doing the right stuff
Good habits!
Track how your expenses go out and work for you. Check that every expense connects with some path that generates income.
sYou may be surprised to find areas where you spend a little bit turn out to be exactly where investing a lot more is wise!
Why?
Because paying attention to cash flow is not always about spending less. When you know your expenses work for you, you invest in fun stuff. Tomorrow you might go to the beach as part of product creation or simply out for a brainstorming lunch as you create another landing page for people who find you online!
Watch your cash flow ! When it comes to your business the last two hours online are the longest but those are the two hours you save when you save your business by watching cash flow.
Thanks for your comment and visit! Cash flow out in the form of expenses in a critical thing to track. Good job!
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Cynthia, I have been a professional designer for many years, and am ashamed to say that I never consciously thought too much about cash flow. Fortunately, I did quite well anyway, but no thanks to my business savvy, although entrepreneurial horse sense has always been present to save me. Since being online, I've become more left brained in my approach to business. You really do have to watch your cash flow. Thanks for another fine article.
Thank you Joan! Appreciate you sharing your view. Thanks for your compliments and for your presence.
I run my own online business and what you said above takes work and dedication, between the google calendar, charging clients, updating their excel sheet and then updating quick books ;) Love it though.. Hurray for 12 hour days!
Thanks for being here David! Appreciate your visit.
So true.I have been in business in one form or another for many years. You just can't afford to let cash flow get away from you. Great reminder and great article
Thanks for your compliments and being here. Look forward to learning more from you on your business of now and past and how your experience can help!!
Great article Cynthia, once again dedication and effort will always be rewarding... put in if you expect to get out...
Great Advice! Watching cash flow is great fun when it's flowing in! LOL It's the flowing out that can get painful! Great read!
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