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She Means Profit

The She Means Profit Podcast is devoted to helping entrepreneurs master their finances and launch, grow, and scale their businesses. Simple, digestible, actionable advice from Melissa Houston, an accredited CPA with over 20 years of experience. Real business owners, real talk, real solutions.

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She Means Profit

Maximizing Cash Efficiency in Business

October 16, 2023 • Melissa Houston • Season 1 • Episode 157

“Cash is queen and with the right strategies, you can manage it wisely and achieve long-term prosperity.”

—Melissa Houston

When running a business, cash flow is absolutely critical. As business owners, we are responsible for making sure that the cash moving in and out of business is managed properly.

Why is it crucial to avoid running out of cash? Cash is the lifeblood of your financial obligations. And let me tell you, it’s not just about keeping cash at hand; it’s about fueling your business’s success. When you’ve got a healthy cash flow while your business profits, that’s when you can really invest in driving your business toward success.

And as most businesses gear up with their business financial planning for 2024, take into consideration strategies that can help you manage to stay and have a positive cash flow that can earn your chance to invest more in your business.

Listen to learn:‌

Why business owners need to have their business financial plan ready for 2024
Why having a cash management system is essential for every business
Why do businesses need to set up a cash reserve
How does closely monitoring the inflow and outflow of funds impact the overall performance of a business
How can business owners keep track of their accounts receivable
How automating bill payment keeps business expenses under control
How can business owners improve and gain positive cash flow in business

Highlights:‌

03:07: Gearing Up the Business Financial Planning for 2024
05:32: Business Cash Management
06:33: Profitability and Positive Cash Flow
07:17: Key Cash Management Strategies: Managing Cash Flow
08:23: Key Cash Management Strategies: Set Up a Cash Reserve
10:06: Key Cash Management Strategies: Tracking your Accounts Receivable
11:10: Key Cash Management Strategies: Automate BIll Paying
12:10: Key Cash Management Strategies: Improve Cash Flow in Business
13:35: Evaluate inventory management practices
14:42: Done in a Day Service Program

Links:‌ ‌