The Money Blog

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Mastering Cash Flow

profitwithoutpills Feb 01, 2024
 

Neetu Stephen engage us in a conversation about the critical role of cash flow in small businesses.

Neetu, an accountant and expert in financial management, keeps it simple as she share the challenges many entrepreneurs face and offers practical advice on how to navigate the complexities of cash flow.

The discussion begins with Neetu emphasising the importance of understanding one's relationship with money and setting clear expectations for its role in business. They explore common misconceptions and lack of education among small business owners, especially in service-based industries like healthcare.

Neetu highlights the need for practitioners to transition from working in the business to working on the business.

She emphasises that profits don't automatically translate into cash and discusses the significance of timely payments to ensure a healthy cash flow.

The conversation touches on various aspects, including the purpose of a business, converting intellectual property into valuable services, and the peace of mind that comes with building a cash reserve.

Neetu emphasises the freedom and flexibility that a well-managed cash flow can provide to business owners.

Neetu also share's practical tips on managing client payments, the psychology of asking for money, and the importance of setting up efficient processes to avoid late payments.

We discuss the significance of automating reminders and invoices to make the payment process smoother for clients.

Listeners are encouraged to examine their cash flow regularly, with Neetu recommending at least weekly check-ins. Neetu suggests using accounting software to track and analyse cash flow, making it easier to identify patterns and make informed decisions.

The conversation concludes with Neetu advising small business owners to scrutinise their expenses, cancel unnecessary subscriptions, and cultivate a habit of studying and understanding their financial numbers.

The episode serves as a valuable resource for entrepreneurs looking to enhance their financial literacy and master the art of managing cash flow effectively.

To learn more about Neetu Stephen and gain further insights visit her company's website at

, where you can find informative blogs on cash flow and connect with Neetu for personalised guidance.

The Health-prenuers Guide

Coming Soon!

I'm on an exciting journey with my book, taking it back to the good old days when books were served up in newspapers, piece by piece. I'm crafting circa 500 words a day and sharing it with all of you.

Now, this book is for you if you've ever had a brilliant idea or a vision for your own healthcare business or perhaps you want to revitalise your existing service, but you're stuck, not sure how to confirm if there's a market for your idea or how to bring your vision to life.

Let's embark on this journey together

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