S9 ​E24 7 Steps to Managing your Cash Flow Efficiently With Raj Kapur

E24 7 Steps to Managing your Cash Flow Efficiently As a coach or consultant, you may be focused on helping your clients reach their goals. But how do you balance spending time with them and getting paid as an entrepreneur? If you’re not managing your cash flow, you may not be aware of it. You may feel like you have plenty of money, but if you don’t know what you’re doing, you’re not spending it properly. To help you get started, here are seven steps to managing your cash flow as a coach or consultant. Step One: Track Your Income and Expenditures Step Two: Estimate Future Income Step Three: Estimate Future Outflow Step Four: Adjust Outflows and Inflows Step Five: Determine the Balance Step Six: Stay In Touch With Your Cash Flow Step Six: Create a System for Prospecting Step Seven: Action Here are a few more Tips for Managing Your Business Cash Flow Use a Charge Card Understand the cycles of your business and then use that to forecast cash flow Pay Your Bills on Time (But Not Early) Get a handle on your invoicing and make sure you are paid on time Lease or Finance Equipment, including office & IT equipment Build Cash reserve and invest a portion back into the business Get a Line of Credit Understand your money - It’s your money.