Cash is king – how to manage your P&L over the next 12 months
With our first agency, all our clients pre-paid us.
With our second business, they were on 30 days postpay and we got hit hard!
At the time we didn’t realise the luxury of having all our clients prepay us. Their funds safely in the bank, not having to worry about cash flow and chasing payments.
2 years later, our new businesses got hit when one of our clients went under owing us £100K.
Boom! Not good.
They looked after the govt media campaigns. We had assumed it would be a totally safe client to work with.
Suddenly, we owed £85K to our suppliers due to them in 30 days with no money coming from our client.
We just scraped through. We just managed. Whatever happened we were going to pay our suppliers.
But that was tough. It was a lesson. In fact, a very good one. I learned how important it is to manage your P&L.
So when I was asked to join a webinar with Arif Hussein and Reza Hooda to talk about cashflow and lessons learned, I was happy to be part of it.
Cashflow and managing your cash is key.
We also talked about one of my other favourite topics – finding new opportunities.
My belief is that there are untapped opportunities in many businesses that I start working with. And this is something that we uncover in the SWOT process that we do together.
On the webinar we talk about:
- How to manage cash flow, and the most efficient ways of buying business assets
- How you can make the Tax system work to help your cashflow
- “Increasing my digital presence” what does that mean and how you can do it
- Lastly, how to use SAAS and automation to reduce admin costs and help to manage staff remotely
You can watch it here.
Reza Hooda is an accountant with a lot of great insight on this topic.
Arif runs a business called Klyk. Klyk helps businesses make smarter, greener choices by supplying technology in a sustainable way. And I think that it’s such a fab business. Do check it out!
As for me, I have set up, scaled and sold multiple businesses in the marketing and media space. And now I do work that I love, which is working with great founders to help them scale profitable businesses and nail their digital offering.
In my free resource, I talk about the importance of knowing your numbers and understanding your financial documents. It’s really key to help you scale a profitable business. You can download it here for free: The Ultimate Guide to Scaling your Business with Emmie Faust
If you’re a Founder, serious about scaling but feeling overwhelmed about the road ahead right now, follow me on LinkedIn and subscribe to my LinkedIn newsletter for useful information and support.
