Cash Flow Series Part 2: How to Maximize Cash Flow
Apr 25, 2023Welcome back to the second episode of our Cash Flow mini-series! Our previous episode discussed the significance of understanding cash flow and how it affects your business's overall health. Today, we'll delve deeper into the topic by exploring several effective ways that you can optimize your cash flow and ensure that your business stays financially healthy and cash flow positive.
We'll cover several tactics you can use to manage your cash flow effectively, including strategies for accelerating payments, reducing expenses, and optimizing your accounts receivable and accounts payable. These practical tips and tricks will help you make informed decisions and take control of your business's finances.
They key takeaways from this episode are:
1.Maximizing cash flow requires taking strategic steps.
2. Properly timing tax estimates is crucial.
3. The power of cash flow forecasting.
What you'll hear in this episode:
[1:13] The first step in maximizing cash flow.
[1:45] Tips to encourage the early collection of revenue
[3:10] Tips to properly time the payment of expenses in relation to your cash flow.
[4:30] One thing I advise my clients on when it comes to paying their tax estimates quarterly.
[6:00] The power of the cash flow forecast to help you identify when to make payments, time your launches, or take distributions.
Related episodes:
Financial Operations vs. Financial Management
How to Know if Your Overhead is Too Large
Setting and Measuring Progress Toward Your Business Goals
Resources:
Cash flow forecast template: https://www.keepwhatyouearn.com/cash-flow-forecast
Connect with Shannon:
Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon
Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
