How the cash flows’ will determine how you grow.
Looking to grow? It’s all about the cash flow
Every business owner knows cash is king. But many find themselves on the back foot managing their cash flow just to keep their head above water.
What if you have growth ambitions? How do you set the business up financially to make strategic investments or seize opportunities?
Educate yourself. It is not enough to say, “oh, my accountant does it.” No matter how much we value their input, it is really up to us. Only we can make the decisions of how we allocate cash (and time) to what projects.
Make sure you take advantage of the myriad of courses available for you to skill yourself up and become cash flow confident.
What does it mean to becoming cashflow ‘confident’?
- An understanding of cash flow
- Knowing where your cash is
- Channelling the cash appropriately to extract the best value
Your time (and energy) are as important. Keep your eye on the big picture and make sure you’re investing your own time where it has the most impact. Perhaps you could think of this a ‘ROTI’ (Return on Time Invested)
You have probably heard of the adage, “work on the business, not ‘in’ it.” But what should you do when you find yourself on the treadmill?
I often say, you know, who owns your business? Do you own the business or does it own you? And if it owns you, it’s really time to have a talk to yourself.
By channelling your cash into operations or investment, you can choose who and what time to make available.
These choices enable you to outsource the elements of your business that you loathe and assist you to focus on the ones you love where time is money and money is time.
I’ve got a lot more to say on this topic. You can dig deeper with this recent video interview I did with Airwallex. I hope these insights work as well for you as they did for me.
For more information on the #choosegrowth campaign with Airwallex click here
Also published on Medium.