Keep What You Earn An 8-Figure Business Almost Missed Payroll - Here's How
In this episode, I dive into a real-life cautionary tale about an eight-figure business that unexpectedly faced payroll issues despite being highly profitable. I share insights on the critical difference between profit and cash flow, and highlight how blind spots in cash flow management can create significant challenges for even the most successful businesses. Through this client's experience, we explore the importance of weekly cash flow forecasting, the necessity of strict collections processes, and how to ensure you maintain your financial commitments.
Learn how to optimize your cash flow and prevent severe financial pitfalls in your own business by adopting effective strategies for managing invoicing, collections, and payroll schedules. Tune in to uncover practical tips and transformative insights that will help you create a business that not only scales but sustains its financial health.
What You'll hear in this episode:
[00:50] Profit vs Cashflow: A Real Client Story
[02:20] The Importance of Cashflow Forecasting
[05:15] Improving Collections and Cashflow Management
[07:25] The Importance of Having Protocols in Place to Manage Cash Flow Even When Clients Do Not Pay on Time
If you like this episode, check out:
Are You Sabotaging Your Own Cash Flow?
Start with This Financial Metric (Financial Priority Formula Part 1)
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.