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The Cash Flow Mindset: Developing a Financially Resilient Business

July 11, 202312 min read


Are you a small business owner struggling to stay afloat during uncertain times? Do you want to ensure success for your business no matter what challenges come up? In this video, you'll discover how to develop a financially resilient business by mastering the cashflow mindset. You'll learn the basics of cashflow and discover strategies for analyzing current financials and planning ahead - so that you can secure success for your business in any situation!

Stay tuned! Many small businesses struggle to stay afloat during uncertain times, and it's often due to a lack of understanding about cash flow. Without proper cashflow management, businesses can quickly find themselves in financial trouble. Even if you're doing well now, without the right strategies in place, you could be at risk. In this video, I'm going to show you how to develop a financially resilient business by mastering your cashflow mindset.

You'll learn the basics of cash flow and discover how analyzing current financials and planning ahead can help ensure success for your business - no matter what challenges come up! Hi there, I'm Doug Barra, and I know the struggles of being a small business owner - especially when it comes to managing your cash flow. In today's video, we're going to be talking about developing a financially resilient business and the Cash Flow Mindset.

Nobody likes to talk about cashflow, but it's something that all business owners need to understand. If you want to be successful, you need to know the basics of cash flow.

Here are some tips to get you started:

1. Track your expenses - Know where your money is going is key to understanding your cash flow. To track your expenses, it's important to have a system in place.

Make sure you're tracking every single transaction and categorizing it accurately. This includes rent or mortgage payments, utilities, payroll, inventory costs, and marketing expenses. Having an ongoing record of all your transactions will help you analyze your financials more accurately and identify any areas where you may need to cut down on spending. You need to be using accounting software to help with the tracking process.

Software such as QuickBooks can help automate this process - making it easier for you to keep accurate records and track where every dollar is going.

2. Pay yourself first - Make sure you have enough money coming in to cover your expenses. Paying yourself is essential for business success. When you're running a small business, it's easy to get caught up in the hustle and forget to save money for yourself.

But it's important to remember that your personal finances are just as important as your business financials. Make sure you pay yourself first - set aside an amount of money each month for yourself so that you can cover your own living expenses and build up savings.

In order to have your business be able to run without you, something that is essential for you gaining the freedom of business ownership it has to support paying someone to replace you, so even if you aren't able to do this in the beginning, your salary should be sufficient to pay someone else to do your job eventually.

It's also important to have emergency funds in place - an emergency fund should cover at least 3-6 months' worth of expenses, business and personal so that you can maintain operations even during tough times.

Having this type of financial security will allow you to remain financially resilient during uncertain times. Finally, make sure you're budgeting wisely - create budget that allows you to live within your means and save money for future investments. Put aside 10 to 20% of your income for long-term investments, such as real estate or stocks, and use the rest of your income to cover day-to-day expenses.

This will help ensure that there is always enough cashflow coming in to support the business while still allowing for personal financial stability.

3. Invest in yourself - Investing in yourself and your business will help you stay financially resilient. Investing in yourself is an important step to building financial resilience and ensuring long-term success.

When it comes to investing in your yourself, the key is to focus on improving your knowledge, skills, networks, and contacts. By doing so, you'll be able to open more opportunities for growth and success. Start by investing in education - whether that's taking courses, attending seminars, or awesome web classes like the 3 Dangerous Pitfalls that all small business owners face. These are great ways to build up your knowledge base and stay ahead of the competition.

You can also invest in personal development, such as working with a coach, mentor, or business community to help you identify areas where you could improve your skills or business acumen. By investing in yourself, you'll be able to develop a stronger relationship and a stronger understanding of the marketplace and build up a financial security for both yourself and your business. With the right strategies in place, you can ensure success no matter what challenges come up!

4. Networking - Reach out to other local business owners and build relationships. Networking is about making connections with other small business owners and industry professionals. This allows you to tap into new resources and gain valuable insights that could benefit your business. Networking can help business owners stay informed about industry trends, creating an invaluable opportunity to be ahead of the competition.

By connecting with other local business owners, entrepreneurs can learn more about their community and target customers more effectively. Additionally, it's a great way to stay connected with like-minded individuals and build meaningful relationships that can foster collaboration and support, especially if the community's focus is on helping each other grow. Networking events are another excellent way to connect with potential partners or customers.

These events are often organized by chambers of commerce or other organizations. Attending these events gives businesses the chance to present their products or services and engaging setting - allowing them to make valuable connections that could lead to increased sales.

Finally, don't forget about social media - It's a great tool for growing your network and building relationships with potential customers or partners. Social media is also a great platform for promoting your business and sharing useful content with your audience.

By consistently engaging on social media and sharing content related to your industry, you can gain visibility and grow your network even further! Finally, make sure you're taking advantage of technology - use tools like social media tools or other online tools to promote your business and reach new customers.

5. Utilize resources - Take advantage of local resources such as grants, small business loans, and other forms of funding. Expanding upon utilizing resources, as small business owners, you should take advantage of the support available in your local community. Local governments often provide grants and other forms of financial assistance to help small businesses reach success.

Additionally, many organizations such as Small Business Development Centers (SBDCs), offer free counseling, training and other services to help small businesses with their operations.

Small business loans are another great option for additional funds. Many banks offer special loan programs that are designed specifically for entrepreneurs and small businesses. These types of loans can provide much-needed capital to help cover investing in equipment or inventory. Finally, don't forget about tax incentives - many states offer tax credits or deductions for small businesses that hire locally or purchase energy-efficient equipment.

Taking advantage of these incentives can be a great way to save money on tax and maximize your profits. By taking advantage of all the resources available in your local community, you'll be able to keep more cashflow coming in and build a more financially resilient business. With the right strategies in place, you can ensure long-term success and weather any storms that come up! The most important thing to remember is that you can be successful.

You have the power to make it happen. All it takes is some hard work, dedication, and the right mindset. If you want to take it a step further, I'm offering a free web class to teach you about the three most dangerous pitfalls all small business owners face that keep them overwhelmed, putting out fires, and chain to their businesses. Register now by clicking the link in the description below. to keep yourself in the right mindset and moving forward,

make smart decisions, take the time to research and consider all of your options before making decisions. Making smart decisions is essential for any business to be successful, especially when it comes to managing your cash flow. With so many variables and potential risks, it's important to research all the options before making a decision. Take the time to explore all the available options and select the one that best meets your needs.

Research could include talking with industry experts, attending webinars, or reading relevant articles or books. You should also look into different vendors or suppliers to compare prices and quality of services or products. Once you have narrowed down your list of potential solutions, weigh their pros and cons carefully - focusing on both the short-term and long-term effects they might have on your business. Consider factors such as cost-effectiveness,

scalability, user experience, timeline for implementation, etc., in order to ensure that the option you choose is effective and beneficial in the long run. Seek advice from trusted advisors who can provide objective opinions about your options. This could include a coach, consultants, lawyers, accountants, investors, etc., who can give you valuable insights based on their expertise.

Additionally, look for mentors in your network who have gone through similar experiences or faced similar challenges so that they can provide you with helpful advice tailored specifically to your situation. Before committing fully, take a test drive if possible. If applicable, consider running small trials of potential solutions first to assess their effectiveness in real-world situations. Testing out different alternatives will not only provide more clarity about what works

but also help you gain confidence in making a final decision. By following these steps, you can make smart decisions that will protect you from potential pitfalls while still achieving your desired goals. When it comes to cashflow management, understanding how decisions can impact both current operations and future growth is essential for sustained success during uncertain times! Also, make sure you communicate clearly and effectively with your customers and vendors.

Communication is key when it comes to managing cashflow and building financial resilience. Not only does it allow you to share important updates with your customers and vendors, but it also creates trust and fosters relationships that can lead to long-term success.

Here are some tips for effective communication:

1. Create an open dialogue - Develop an open dialogue with both customers and vendors so that everyone understands each other's expectations

clearly. This will help avoid any misunderstandings or miscommunications down the line. Additionally, take the time to answer questions or provide feedback promptly which will show your customers that you truly care about their experience and value their opinion.

2. Provide regular updates - Keeping your customers and vendors updated on any changes or developments is essential for maintaining trust amongst all stakeholders. Provide timely notifications regarding payment delays,

product launches, or new services so that everyone has the most up-to-date information. Additionally, make sure to provide insights into how decisions are being made and why certain measures are being taken. This way, people understand the thought process behind your decisions and stay informed about what's going on within the business.

3. Focus on clarity - Make sure your communications are clear and easy to understand by using simple language where possible. Avoid jargon or technical terms, as these can create confusion rather than clarity. Also, break up complex messages into smaller chunks of information in order to make them easier to digest. If necessary, use visuals such as diagrams or charts for better understanding.

Finally, review your messages multiple times before sending them out in order to ensure accuracy. By keeping these tips in mind, businesses can communicate more effectively with their clients and partners while building strong relationships.

With clear communication in place, businesses can create a financially resilient environment even during uncertain times! Thanks for watching! I hope this video has helped you understand the importance of the cash flow mindset and how to develop a financially resilient business. Remember, it's never too late to prove to yourself that you can be successful - all it takes is a little hard work in the right mindset.

If you're interested in learning more about how to develop a financially resilient business, please consider leaving a comment below this video with your experiences. From cash flow Basics to Understanding and managing current financials, your experiences can help provide valuable insights to others who are trying to navigate the same challenges.

Please include details such as which strategies have worked and which have not, what processes you have automated in order to streamline operations, and any other tips that could be beneficial to other small businesses. Your feedback is essential in helping us understand the importance of developing a financially resilient business and creating meaningful conversations around the topic. Thank you!

Would you like to learn more about the Cashflow mindset or other topics regarding business success?


Great! Then there are a few things that you need to do right now.

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I'm Doug Barra.

I believe it takes great courage to own a local, small business.

For the last 16 years, I've ensured that business owners like yourself get the time, money, and freedom you deserve.

Be sure to click the link in the description of register for your free, free Dangerous Pitfalls Web class and start your journey to business success today!

Thanks for watching.

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Doug Barra

With 14 years of experience in working with small and medium sized businesses to help them grow, Doug is committed to seeing business owners thrive. Business coaching is what drives Doug.

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