Ep/015: How to Master Cash Flow (Secrets For Business Owners)
"Understanding your cash flow is not just about numbers; it's about making informed decisions that can make or break your business."
Linda Karressy
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In this insightful episode, Lee Midlane chats with Linda Karressy, owner of Insight Financial Group, about the essential financial strategies that every small business owner should master. Linda, who has turned around numerous businesses with chaotic finances, shares her wealth of experience and offers actionable advice for managing cash flow, securing funding, and avoiding common financial pitfalls.
Timestamp Highlights:
[00:02:00] Introduction to Linda Karressy: Linda shares her journey and how she helps businesses organise their finances and get systems in place.
[00:03:00] First Steps in a Financial Overhaul: Learn about the initial steps Linda takes when turning around a business’s finances.
[00:05:00] The Importance of Financial Literacy: Linda emphasises building a "financial literacy muscle" and the role of regular check-ins.
[00:07:00] Cash Flow Management: Why cash flow is king and how to effectively track and manage it.
[00:14:00] Securing Funding and Building Relationships with Banks: Tips on how to make your business more attractive to grant providers and lenders.
[00:17:00] Common Financial Pitfalls: Avoiding mistakes like co-mingling personal and business funds.
[00:24:00] Advice for New Business Owners: Linda’s wisdom on focusing on one thing at a time and the importance of saying no.
Key Takeaways:
Cash Flow is Critical: Linda highlights the importance of cash flow management, noting that it’s the tangible aspect of your finances that keeps the doors open.
Organise Early: Get your books in order from the start. Proper record-keeping and regular financial reviews are crucial for long-term success.
Build Relationships: Establish a relationship with your bank before you need funding. Regular check-ins can open doors to resources and advice.
Focus on One Thing: For new business owners, focusing on one product or service at a time can prevent overwhelm and lead to success.
Seek Mentorship: A mentor can provide guidance, support, and a sounding board for ideas as you navigate the challenges of running a business.
Connect with Linda:
Tune in to gain practical financial insights that can help transform your business today!
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Special Thanks:
Special thanks to all our listeners joining us for this journey. Your engagement and feedback fuel our mission to empower each business owner to succeed.
Stay tuned for more in-depth discussions, expert interviews, and actionable advice tailored for bricks and mortar entrepreneurs. Let's build strong foundations and thriving businesses together!
