19 Jul 069 Financial Excellence: Cash Flow Lessons Learned for Small Businesses
Episode 69: Cash Flow Basics for Small Businesses; Crap! I Got a Credit Card; Yakezie Challenge Update; July 19, 2011.
Today I intended to cover some lessons I learned about small business cash flow over the last few years. Before I got that far, though, I had to make a confession about an embarrassing new event in my life: I got a new credit card 🙁
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- The Yakezie Challenge has been really good for our blog. I recommend any personal finance blogger give it a shot.
- I am the (not so proud) owner of a new Kohl’s Card. I didn’t get the card on purpose but it’s mine now and I own it. I explain the whole mishap on the show today.
- The main topic of the day is cash flow for businesses. In the personal finance arena, cash is king. In small business, cash flow is king.
- I explain the difference between cash accounting and accrual accounting, and why business owners need to know the difference.
- Protecting your revenues are crucial to maintaining cash flow. Sales mean nothing if the customers don’t pay.
- It’s crucial to do a cash budget and have accurate sales/revenue projections. Otherwise you have no idea if you’re going to be profitable or not.
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