Are You Managing Your Business Cash Flow Effectively? - Episode 159

“As a business owner, if you don’t work, you don’t make money. So you have to be extremely disciplined when it comes to cash flow,” says May Yeo Silvers. In this episode, she shares a personal story about her recent health scare, highlighting the critical need for both self-care and careful financial management.    May emphasizes that, while it’s easy to focus on booking events and generating revenue, many business owners neglect essential financial practices, such as tracking deposits and managing expenses. Without a clear understanding of cash flow, even successful businesses can run into trouble. She points out the importance of regularly checking bank accounts and credit card balances to avoid overspending or falling into debt, and reminds listeners that discipline is the key to staying financially healthy.   May urges entrepreneurs to move beyond the day-to-day operations of their businesses and take an active role in managing their financial health. She encourages listeners to join her live support community, where they can receive hands-on guidance and accountability in overcoming financial challenges. The community offers co-working sessions and practical support to help business owners maintain a firm grasp on their financials and sustain long-term success. Click here to learn more!   Quotes • “As a business owner, if you don’t work, you don’t make money. So you have to be extremely disciplined when it comes to cash flow. When the money is coming in, and you’re grateful for the sales effort that’s paying off and converting into paid clients, you need the discipline to pay yourself, cover your bills, and set aside contingency funds.” (09:59 | May Yeo Silvers) • “If your credit card bill is higher than what you have in the bank, that’s a major red flag.” (14:04 | May Yeo Silvers) • “You are operating in your business instead of managing your business.” (16:02 | May Yeo Silvers) • “You have to look at your numbers. You have to be so disciplined to look at your numbers. It’s not the sexiest thing to do, but if you don’t get this part right, your business is just running in circles.” (18:08 | May Yeo Silvers)   Links If you are a EVENTrepreneur CEO who is making "getting to know your financial numbers" a priority but you want someone who can explain to you what the numbers mean in the events business terms (not some generic quickbook lingo), check out our Live Support Community where we have co-working sessions to do CEO tasks and one of the sessions actually focuses on understanding your business finance. Click on this link (https://learnwith.mayyeosilvers.com/17livesupportupsell24kb) to find out what else the Live Support Community offers!   Connect with May at: [email protected] Website: www.mayyeosilvers.com LinkedIn: https://www.linkedin.com/in/mayyeosilvers/ Facebook: www.facebook.com/mayyeosilvers IG: www.instagram.com/mayyeosilvers TikTok: https://www.tiktok.com/@mayyeosilversofficial FB private group: https://www.facebook.com/groups/events4anyone   Podcast production and show notes provided by HiveCast.fm