M&A 2020 Member, Rod Fuller of Action Coach will be guiding you through a brief presentation about why Cash is King.
Do you ever wonder where your money goes in your business? Do you find that once all of the bills are paid there’s very little left to pay your own wages? Do you want to invest in marketing or new equipment but are unable to save or know that you could never secure a loan from a high street bank? It may be comforting to know that you are not alone. However, it doesn’t have to be this way and you can do something about it.
Business owners that had a good handle on the cash flow in their business were better prepared to cope with the COVID situation. This helped them to identify when and if they would need to furlough staff, if they could cover any ongoing fixed costs whilst they were closed for business and if they would be able to pay themselves living costs during the lockdown measures. Imagine the level of control they must have experienced and the reduction in stress knowing that they had already prepared for a worst case scenario.
Good business practice involves preparing an annual budget and having at least 3 months of running costs in reserve.
All business owners understand that putting cash aside isn’t always possible, however, understanding where your money is in your business will help you start to prepare for the next time business takes a hit, whether that be a recession, an unexpected pandemic or even a natural disaster. Learning to be prepared is half the battle.
Rod will help you understand how to prepare a cash flow forecast and how you can then use that as leverage to help your business grow or become stronger, depending on individual goals.
It will allow you to become proactive and make strategic, planned decisions based on facts rather than guess work.