Last week I had the honor of launching the New York City Chapter of Empowering A Billion Women by 2020 with CEO and founder, Ingrid Vanderveldt.

Our mission is to empower one billion women around the globe to launch, grow and scale their businesses through education, mentorship, community and access to capital. I am honored to be steering this ship in NYC and so thrilled to be working side by side with Ingrid on this important mission.

If you are in or near New York, reach out and say hi. Join us at our next chapter meeting, and become a part this vibrant global organization of passionate women in business.

Part of the value of EBW2020 is membership in the One Club – where we have access to tools and training to help us grow and scale – personally and professionally.

This month we have been focusing on cash flow.

Cash is king, right?

Nothing will kill a business quicker than inadequate cash flow. Too many women entrepreneurs skip the planning process and cash management practices that ensures your venture survives during the inevitable highs and lows of starting up.

We all know there are ups and downs with any startup. There are high peaks and very low valleys. Your cash flow management skills are what will weather you through those dry periods.

“An idea without a financial plan is like a game without goal posts.” Ingrid Vanderveldt

You don’t need to be a financial wizard to master cash flow, but you do need to have the basics of financial management. What are the best practices in cashflow management?

Here are top cash flow tips from EBW2020 CEO Ingrid Vanderveldt:

1. Have a financial plan and measure your progress against your plan daily. Where are you with income? Cashflow? Assets? Liabilities? You need to have your finger on the pulse of your business at all times.

2. Have a cash flow plan.  Where are you now? Where will you be in six months? Are you creating needed cash flow to increase your cash flow sooner rather than later? What changes do you need to make in operating your business? How do you grow your business and take care of existing bills? If your cash flow is negative – you are spending more than you earn.

Look at your plan and ask, “How and where do I need to adjust?” Do I need to new people in? Get new investors onboard? Reduce expenses? Have a plan for getting cash flow back in check as soon as possible.

3. Reduce your accounts receivable and get paid faster. You can do this by going to electronic billing, offering multiple payment methods, but reduce payment terms to be paid as fast as possible. Offer benefits and discounts when people pay up front.

cash flow ˈkaSH ˌflō/ noun
the total amount of money being transferred into and out of a business, especially as affecting liquidity.

4. Increase your sales! Where is your low hanging fruit? What can you do? Host an event, call former clients, create a mastermind, VIP day, or run a “flash sale” offer of an existing product or program What are the ones that will bring the highest return and the quickest result. Set your priorities for the next 30 days.

5. Leverage accounts payable within acceptable ranges. Communicate with suppliers.  Hold on to cash as long as possible and negotiate longer payout terms whenever possible.

6. Set up lines of credit when things are flush. Create relationships with your banker or credit union and put credit options in place before crisis strikes.

7. Stay connected to your community. Bounce ideas off peers. Stretch, grow and bounce ideas off one another. An accountability partner is a great place to start.

How can you continue to get support in managing cash flow, growing your business and be the successful entrepreneur you know you can be?  Join me as a member of EBW2020 (Empowering A Billion Women by 2020) founded by CEO and investor, Ingrid Vanderveldt. We have your back in growing or scaling your business on your terms.

Big love,

Deb Signature

JOIN THE EBW2020 ONE CLUB!

Become part of this vibrant community of women entrepreneurs and get the support you need to launch, grow or scale your business!

Release Fear. Think Clear. Get Into Gear.

Share This