Learn the Easy Way to Control Cash Flow
November 12, 2007 by Elizabeth Potts Weinstein
If you’ve been an entrepreneur or small business owner, you’ve learned the dirty little secret. Running a business is not about selling, or clients, or profits, or fancy business cards … it’s all about cash flow.
You may have the most brilliant idea or the best method of helping your clients, but if you run out of money tomorrow, you are doomed.
How to you consistently and easily keep yourself above water?
By using Money Meetings.
Money Meetings are just short appointments you have with yourself on a regular basis to keep on top of the factors that impact your cash flow — so you can stop trouble before it starts.
For example, you may have a 30 minute weekly Money Meeting each Friday afternoon at 3:30 PM. The secret to this weekly Money Meeting is to use it to keep track of your income; specifically, the leads coming down your sales funnel or sequence, which will lead to income in a few days, weeks, or months.
At this meeting you may review your website traffic and conversion rates, how many sales were made, how many introduction appointments or phone calls were scheduled — or whatever information helps you track how much income you have coming down the pike.
Then, make an Action Plan to troubleshoot any issues you can identify from that information. For example, let’s say you need 4 appointments each week to sell clients on new projects and you only scheduled 1 last week. You now know that next week you need to ramp up the meetings, so you don’t have a cash flow problem in 6 weeks down the road.
Take Action!
Set aside 30 minutes this week to review your marketing & sales efforts for the week.
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