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Are You Breaking Even or Dealing With Cash Flow Woes?
We’re staring down the end of the last quarter of the year. How have you done? What’s the minimum revenue your business must have each month to break even? To make a profit?
Amazingly, many business owners have no idea.
They plod along, looking at the balance in the checkbook to make sure there’s still money left.
You won’t get ahead in your business managing your finances on a wing and a prayer.
So where do you start? Sit down and figure out your fixed expenses for each month. Things like phone service, electric, salaries and supplies. Add them all together (don’t forget taxes to the government) and that’s the minimum amount of revenue you must bring in each month.
Take the guesswork out of it. Know where you’re at and where you want to be. Involve your staff (if you have some!) in helping you be successful.
What about you? Do you know the state of your cash flow? Please leave a comment.
Keep Your Cash Flow Funnel Full
Cash flow. To stay in business, you’ve got to keep a steady stream moving through your company. That means keeping you must keep your cash flow funnel full of prospects who can turn into clients.
A small business owner mentioned to me the other day that he has “enough work to keep his staff busy until next February.” Another mentioned that his current projects were ending and he needed to “start beating the bushes for more work.” Which one do you think will be successful? The first business owner was busy taking action so he would have business long into the future. The second owner is typical of many business owners.
To survive in business, you must never stop looking for that next business opportunity. Dedicate at least 25 percent (50 percent or more is better) of your time to developing future business. Business development is not an event. It’s an ongoing process that requires regular action.
Are you keeping your cash flow funnel full? Tell me how by leaving a comment.
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