Want to get on top of your small business cash flow? Being “bad with money” isn’t your problem and this is why…
I work with lots of small business owners and want to debunk a common myth right from the start – no one is bad with money! Alot of people are uneducated about how to control their cash, but like most things in life, it’s very hard to be a master of something that you’ve not been taught about or coached on, in order to improve your technique.
In Australia, the sad fact is that we aren’t taught money skills at school. If we’re lucky, some of us will have parents or family that have cracked the code on cash flow and we can pick up bits and pieces from watching their behaviours. But for the majority of the population, we are sent out into the world with next to no money education and it’s a matter of sink or swim.
And if you were struggling with balancing your bank account before you went into business, launching your entrepreneurial journal has probably magnified your pain.
Getting educated about how money works should be your first priority. I highly recommend that you start your financial literacy journey by reading and implementing www.barefootinvestor.com in your personal life. This will give you a strong basis for controlling your cashflow in business too.
The bank account “buckets” method that Scott Pape uses in the Barefoot Investor is very similar to one of the elements of our Cash Flow Project system for small business owners. Although we deep dive a lot more into designing your profit, there are basic principles that can span both your personal and business finances and once you learn and master these, you can stop stressing about cash flow and start building your personal wealth.
Find out more about Heart Bookkeeping’s Cash Flow Project program here.
