I'll Get My Accountant to Do That

By Action Coach Dave Beam

I was working with my new client, Tom, who had some organizational and financial challenges. One of the first things I ask clients like Tom to do is develop a cash flow budget. I asked him to organize a picture of the cash flow in his business on a simple spreadsheet showing historically where the cash comes from and where it goes.

Five Helpful Tips on Increasing Your Cash by Managing Receivables

By Action Coach Dave Beam

Today I want to put some more cash into your business.  It is simple and essential for an ongoing healthy cash flow.  You must choose to manage your receivables.  Here are 5 tips to improve the management of receivables:

TIP #1: Create a system to receive payment for goods and services as close to the time of delivery as possible.

Some businesses are a completely cash business.  They collect their money at the time of service.  That is a good thing.  I encourage you to work towards this model as much as possible.  Create your system of payment for services and/or goods to be a close to the time of delivery as possible.  In fact, ask yourself this question “How could I get my customer to pay for goods and services in advance?”  Incentives for pre-paying or paying when goods and services are delivered are a wonderful way to address this business challenge.

Key Financial Mastery Issues – The Cashflow Budget - Part 3

By Action Coach Dave Beam

In the last two newsletters, we have looked at two fundamental money mastery concepts, cashflow and breakeven.  Today I want to get even more practical, and address how to make and use a cashflow budget.

I am going to assume that you already agree that it is essential to track and project your cashflow.  If not, give me a call and I will gladly provide a free coaching session – no kidding – and ask you some really interesting questions!!!

Flying in the Fog – The Importance of Financial Mastery - Part 1

by Action Coach David Beam

Most of us have probably driven an automobile on a foggy night with low visibility.  There is really not much you can do but slow down.  But that is not an option when you are flying an airplane.  You are dependent on your instrument panel to tell you what is happening.  This is certainly no time to “fly by the seat of your pants”.  You need to know critical numbers like air speed and elevation.  Your system is telling you your position and helping guide you to a safe arrival at your destination.