Episode Details
Back to EpisodesMYB030: Is there more month at the end of your money?
Published 2 years, 3 months ago
Description
This week's key takeaway:
Is there more month at the end of your money? - with Ben Fewtrell and David Carlin
Episode intro:
One of the fundamental pillars of business is cashflow, and yet many business owners don't fully understand it. We see people who have run businesses for many decades who have no idea of what's going in and out every month. Even if your business has always had the money to cover its outgoings comfortably, you should be on top of it.
This week's episode will teach you the basics of cashflow forecasting, and what might go wrong if you don't do it properly.
In this week's episode you will learn:
- Why you shouldn't rely on looking at your bank account to anticipate cashflow issues
- What you shouldn't delegate to an accountant
- How often you should check your forecasts
- A system for putting money away
- How to know your 'cash gap'
- Why you need to be on top of your expenses
- How you should reconcile a cashflow forecast with your bank account
Show links:
- Check out our new free Max My Profit course: http://www.maxmyprofit.com.au/enter
- Join our Facebook group: https://www.facebook.com/groups/maxyourbusiness/