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Business owners who cannot efficiently manage their cash flow are almost certain to fail. Every year hundreds of entrepreneurs enter the business world and hundreds of new businesses die off. Very few survive. We have asked some Brisbane and Gold Coast entrepreneurs, who have been successful for a number of years now: “What is the secret of stable cash flow?”
The interviews were conducted during Networkers Referral Group event on 25th of September 2015. Great business networking event during a dinner cruse on the Brisbane river.
Key elements mentioned by them are:
- Be consistent and effective with your marketing. Bursts of marketing efforts are bad for cash flow. Make it regular and consistent across the board (depending on your business needs): social media, web presence, offline marketing.
- Always be careful to spend less than you earn. Start to save and keep a buffer fund for a rainy day. It does not matter how much you earn, always keep your eye on income versus expenditure on a weekly basis.
- Cherish your regular clients as they are not only bringing most of your income, but also will refer a lot of new clients to you. At the end of the day, keep in mind the 80/20 rule, 20% of your clients are usually responsible for 80% of your profits.
- Don’t be scared to follow up on your invoices. Your clients can kill your business by not paying you on time. So please call them promptly as soon as the invoice is due and ask to be paid for your work.
- Hard work and good planning. Know where you are going and work really hard towards that goal, don’t let people discourage you. If you don’t work hard, no one else will. Create a budget and make sure you manage your weekly spending and earnings against your budget.
"The secret to stable cash flow is consistency across the board" |
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“Hard work and good planning. If you don’t work, you don’t have cash flow” |
“The secret to stable cash flow is to provide excellent service to your regular clientele” |
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“Make sure that you earn more than you spend” |
“The secret to stable cash flow is having a good relationship with your clients. So when their invoices are overdue, you can call them personally…” |
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“If you have a job to do, just give it your 100%” |
“Being tenacious in business” |
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“For business of any size the most important thing to get right is marketing” |
“Having direct debit negates any debt collection issues and ensures that we have regular cash flow” |
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Subscribe by email and instantly get FREE Illustrated eBook. Adequate ‘positive’ cash flow is essential for the survival of any business, yet this is something that over 50% of small business owners struggle to manage.