Let’s talk about cash flow. More specifically, why we need to change the conversation around cash flow. Current cash flow conversations focus on trying to survive (crisis aversion) instead of planning to thrive and managing that state when we and our clients get there (command and control).
We can quote business failure statistics with ease: 20% fail in the first year, 50% by the fifth year and 70% by the tenth year. Are you clear about why they fail? According to CBInsights analysis here are the top reasons for failure:
cashflowtool stats
If you notice, there are at least two of those business failure reasons that you are easily positioned to tackle – running out of cash flow and pricing/cost issues.
What if we changed the conversation from just surviving and stressing to planning and thriving? Making cash flow not just something we pay attention to when the bank balances are low, but as a regular business/financial management practice.
Need a little more evidence that your current and prospective clients would be open to this conversation? Continue reading this article from the CashFlowTool blog here.
CashFlowTool is presenting a webinar with Insightful Accountant on August 20, 2019 at 2:00 p.m. Eastern Time, called "Cash Flow Forecasting: Your Golden Ticket to Advisory Services." Register for that webinar here.