Cash Flow Challenge!
Starting this Friday (05/15) we are starting a Cash Flow Challenge! This challenge is meant for small businesses who are looking to get control over their books and cash flow! You will be able to follow along with daily posts on our Facebook and Instagram or work at your own pace using this handout. Post your progress using #30daycashflow and #jfschallenge so we can share your growth!
1) Check income
Subtract the cost of goods sold from your total revenue
2) Check Expenses
Add up all outgoing cash. Or subtract total income from total revenue
Think of service lines you could add or ways to bring in more business.
4) Check all assets
Look at all resources owned by the business. Is there anything you can sell?
5) Compare Expenses
Compare your necessary (rent, utilities..etc) to your unnecessary.
6) Review AR
Review your Accounts Receivable for outstanding balances.
7) Your day to relax!
8) Send payment reminders
Remind those with outstanding balances that you are waiting for payment.
9) Check your pricing
Look at competitors in the area and online. Are your prices too low or are they on point?
10) Cancel unneeded subscriptions
Some free trails might have ended and could be sucking up your cash.
11) Make or update social accounts
Social media can keep your clients up to date and draw in new clients for free.
12) Analyze meals & entertainment
Some meals can be deductible, but some may be a waste of income.
13) Take the day off!
14) Renegotiate interest
Some loans & Credit Cards may be offering to lower interest. This is a great way to save extra cash.
15) Review Current Marketing Strategies
Look at what is work and where you can improve.
16) Join a chamber social media group
Local Chamber of Commerce offers great resources & networking opportunities.
17) Review Month to Date
Look at how far you have come in the last 17 days. You’re over halfway through!
18) Compare current month to last month
Look at the data you have now (income, expenses…etc) & see where you stand next to last month.
19) Check-in with your employees
A good relationship with your employees can make or break your business.
20) A day for yourself!
21) Make a post on social media
Communicate with your clients, let them know what is happening.
22) Create a Win / Win Referral program
Offer your current clients a discount when they refer someone.
23) Check-in with clients
Ask them how they are & what they need. Strong relationships build businesses.
24) Forecast projected income
Look at the projects you have lined up for the following month. See how they will affect you.
25) Support a local business
Supporting local businesses is a part of building a relationship with the community.
26) Post on a chamber media group
Where possible, make a post introducing your business or supporting others.
27)Take a break!
28) Review Progress
You’ve done a lot of work. Make sure you are organized & ready for the final push.
29) Create Next Month’s Budget
Use the data you collected to prepare for next month.
30) Check-in with your financial Team!
Keep your forward momentum going. Talk with your team to build a strategy to keep growing.