- 2010 by Scott Richards of Beyond the Numbers. - If professional assistance is required, the services of the appropriate professional should be sought.. - No guarantee is given for the information and this ebook should be used only as a general guide and used strictly for educational purposes only.. - Strategy 1: Get your pricing right. - Strategy 7: Prepare 3 month cash flow plans. - Strategy 8: Get the most out of your assets. - Strategy 9: Tax problem or cash flow problem. - Diagnose the causes of the cash flow problems. - About Beyond the Numbers. - However, getting your pricing strategy right is critical to your success in business because it affects many areas of your business. - There is no single way of determining the best pricing strategy for your business. - The positioning of your products in the market.. - The objective of your pricing strategy.. - Be willing to test the market and adjust your pricing strategy to maximise your cash flow.. - Increasing the margin between the two will increase your profit and your cash flow. - The cost of goods sold is the cost of the product to you that was sold to your customers.. - If an expense is greater than budgeted or than the previous year then investigate the reason for the increase.. - Too much stock can impact on cash flow. - I have seen how both can have a major impact on profit and cash flow. - One possible reason is that the owner doesn’t want to realise a loss on the sale of the stock. - However, they have not considered the hidden costs by holding onto old stock such as missed opportunities due to poor cash flow and shelf space that could be used by a fast moving product. - Knowing what the right stock level for your business may require some trial and error. - The level of paperwork required may vary depending on the size of your business.. - Cash flow is all about timing. - A business can be profitable and still have cash flow problems. - They paid for the stock at the end of March. - The stock was sold to XYZ for $10,000 in April and they received the money for the sale in June. - Prepare a three month cash flow budget. - A cash flow budget includes all the expected cash inflows for the month less all the expected outflows for the month. - I prefer to prepare 3 month cash flow budgets as opposed to yearly cash flow budgets which I found needed updating within a couple of months of preparing them. - See below for an example of a cash flow budget.. - Example of a simplified 3 month cash flow budget. - Net Cash Flow . - Review your assets for the need to upgrade. - Strategy 9: Tax problem or cash flow problem?. - Don’t use all your energy on reducing tax, instead focus on improving your business. - Always seek advice from your tax accountant before the end of the financial year to minimise your tax. - Sometimes there is the belief by business owners that they have a tax problem when they in fact have a cash flow problem. - If the tax paid was 10% of your sales then put 10% of your sales into a separate account that returns high interest. - If your business has had a significant increase or decrease in its profit then adjust the percentage up or down depending on the change.. - The owners may be taking a wage that is in excess of the business’s profit or may withdraw money out of the business bank account for personal expenses without consideration for future business cash outflows. - As the business owner you need to find the balance between reinvesting the profits to grow your business and enjoying the rewards of your hard work now. - Before implementing any of the ten strategies, it is important to diagnose the causes of your cash flow problems. - The lack of cash flow is a symptom that results from underlying causes. - For a business to be successful you need to discover and address the underlying causes for the poor cash flow. - Implementing strategies to fix poor cash flow without diagnosing the cause is the same as the doctor trying to treat a disease without knowing the cause of the disease. - The treatment will not be very effective if it doesn't address the underlying cause for the disease.. - At Beyond the Numbers we use our proprietary Business Performance Reviews to diagnose the causes of cash flow problems. - In the near future we will be publishing “More Cash Flow Strategies for a Successful Business”. - I wish you all the best in your business endeavours.. - I would like to offer you a free Cash Flow Consultation. - This is a no-obligation free consultation to discuss the issues affecting the cash flow of your business. - This 30 minute phone consultation will discuss the cash flow issues that are affecting your business right now and the strategies that can be applied to your business.. - cash flow consultation.. - Beyond the Numbers are business advisors who focus on improving cash flow and increasing profits for businesses. - Director and Founder of Beyond the Numbers
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