Implement these and you will achieve FINANCIAL PEACE!
- Prepare a 13 weeks cash flow budget, this is a forecast you don’t know the future exactly including timing of receipts hitting your bank account, so be conservative!
- Include everything including all taxes and your salary or personal drawings, be honest
- Update your Cash Flow budget weekly, record the actual banking and payments for last week and add a new week 13 forecast. This is called a Rolling Cash Flow
- Review your Rolling Cash Flow weekly together with your Financial Controller or inhouse Accountant/Bookkeeper
- Make the necessary adjustments to your cash flow to stay within your bank account limit. This may include deferring some payments, making payment arrangements, etc
- Work out what the 3 biggest Root Causes of your Cash Flow problems are, put a $ value on each of them to your cash flow, and document them
- Focus on fixing the 3 biggest root causes
- Determine the right strategies to remedy each of these 3 root causes
- Take Action NOW
The 5 Pillars of a Healthy Business are as follows, you need to score 7 out of 10 for all 5 Right Numbers
- Right People
- Right Processes
- Right Business Model
- Strong Growth
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