Cracking the Rich Code (Vol 1): Entrepreneurial Insights and Strategies From Coauthors Around the World by Jim Britt & Kevin Harrington & Joel Sauceda & Jason Volpe

Author:Jim Britt & Kevin Harrington & Joel Sauceda & Jason Volpe
Language: eng
Format: azw3
ISBN: 9781095024492
Publisher: Independently Published
Published: 2019-04-09T23:00:00+00:00

Cash is King

Cash is cash, and revenue is revenue. They are not the same thing. More than one company has closed its doors drowning in revenue, unable to pay its bills. Cash flow is simply understanding how much money a company has every day or every week to pay bills, which is critical in keeping the company afloat.

A company never has too little cash to track. Business leaders who believe they'll start tracking cash when they have some are in denial of the reality of what cash flow management is all about. There is nothing more important than understanding how fast the cash is coming in (or not coming in) and how fast cash is leaving the business. In fact, understanding cash flow can help leaders make better decisions up to six months in advance. By really paying attention to how cash is flowing in and out of the business, the CEO can leverage even a small amount of cash, and sometimes, in the early stages of any business, that's all there is!

Critical questions to ask:

Does the company have a profit plan?

Does the company monitor cash flow?

Does the company have an operational plan?

Does the company have a marketing plan?

Does the CEO pay attention to financials?

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