Wanna learn how to manage your cash flow but it’s something you struggle with? In the FMC’s Course 43, Jill talks with our own FMC member Megan Mathias! As an attorney in the Chicago area, Megan cares about giving back to the community, especially women – and now she’s here to help us! Megan gives us tips and tricks to handle the cash flow ebbs and flows that come with entrepreneurship.
What causes a biz to fail?
More than failure to plan or a bad concept, the issue of cash flow is something that will cause business failure, especially in the beginning. In most beginning businesses, there’s not enough of a focus on cash flow, Megan says – and you need to know that having cash flow doesn’t just mean having cash set aside.
Understanding cash flow management
Think about the tools you have available. Megan often speaks about the “toolboxes” that women have in their lives. They use one set of tools for parenting, another for their personal lives, and yet another for their business. If you combined those toolboxes, how could you use them to the advantage of your business? You’ll learn how to make what you have in the bank, plus your receivables and inventory, etc. work for you to make your cash flow last longer. A lot of it is about communication.
Who can help me in managing cash flow?
It’s a good idea to leverage the relationships you have with your accountant, banker, and lawyer, says Megan. Each of them can help you understand and manage your cash flow situation. Using apps and software – if you understand the data and analytics that come with them – may be a good resource as well.
Are you ready to learn how to manage your cash flow?
Find out how to use what you’ve got, leverage the relationships you have, and save money in order to learn how to manage your cash flow
Jill knows that you can do it and Megan knows how you can do it.
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