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S9 E24 7 Steps to Managing your Cash Flow Efficiently With Raj Kapur
E24 7 Steps to Managing your Cash Flow Efficiently
As a coach or consultant, you may be focused on helping your clients reach their goals. But how do you balance spending time with them and getting paid as an entrepreneur?
If you’re not managing your cash flow, you may not be aware of it.
You may feel like you have plenty of money, but if you don’t know what you’re doing, you’re not spending it properly.
To help you get started, here are seven steps to managing your cash flow as a coach or consultant.
Step One: Track Your Income and Expenditures
Step Two: Estimate Future Income
Step Three: Estimate Future Outflow
Step Four: Adjust Outflows and Inflows
Step Five: Determine the Balance
Step Six: Stay In Touch With Your Cash Flow
Step Six: Create a System for Prospecting
Step Seven: Action
Here are a few more Tips for Managing Your Business Cash Flow
Use a Charge Card
Understand the cycles of your business and then use that to forecast cash flow
Pay Your Bills on Time (But Not Early)
Get a handle on your invoicing and make sure you are paid on time
Lease or Finance Equipment, including office & IT equipment
Build Cash reserve and invest a portion back into the business
Get a Line of Credit
Understand your money - It’s your money.
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By Raj KapurE24 7 Steps to Managing your Cash Flow Efficiently
As a coach or consultant, you may be focused on helping your clients reach their goals. But how do you balance spending time with them and getting paid as an entrepreneur?
If you’re not managing your cash flow, you may not be aware of it.
You may feel like you have plenty of money, but if you don’t know what you’re doing, you’re not spending it properly.
To help you get started, here are seven steps to managing your cash flow as a coach or consultant.
Step One: Track Your Income and Expenditures
Step Two: Estimate Future Income
Step Three: Estimate Future Outflow
Step Four: Adjust Outflows and Inflows
Step Five: Determine the Balance
Step Six: Stay In Touch With Your Cash Flow
Step Six: Create a System for Prospecting
Step Seven: Action
Here are a few more Tips for Managing Your Business Cash Flow
Use a Charge Card
Understand the cycles of your business and then use that to forecast cash flow
Pay Your Bills on Time (But Not Early)
Get a handle on your invoicing and make sure you are paid on time
Lease or Finance Equipment, including office & IT equipment
Build Cash reserve and invest a portion back into the business
Get a Line of Credit
Understand your money - It’s your money.