May 8, 2008
How to Avoid the 4 Cash Flow Mistakes, part 4
Cash Flow Mistake #4 - Missing a System.
Have you: Created a beautiful, highly detailed cash flow projection spreadsheet — never to look at it again? Been six months or more behind in your bookkeeping, until your tax accountant is ready to fire you as a client? Spent hundreds of dollars on advertising that got you nowhere fast? Decide if you can afford something by today's balance in your checking account? Been crazy-busy with clients, and all of a sudden, your business completely dries up?
Here's the Truth: You need a system. Managing your cash flow must become a habit. Each week set an appointment on your calendar for a "Money Meeting" with yourself to review the finances of your business. Schedule this appointment & commit to it just like a client meeting or doctor's appointment. Could be as little as 10-20 minutes per week — if it overwhelms you, set a timer for just 15 focused minutes and give yourself permission to stop when the timer says "buzz."
Having accountability issues? Hook up with another member of the Mastermind and schedule your appointments together. At the set time call each other to confirm you are reviewing your finances, and send up a follow-up email afterwards to celebrate your progress (no need to share the exact financial details).


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