Included in every session will be one or more Skill Set exercises to help you engage with the Big Ideas presented. While this is optional, don’t cheat yourself and move through the Roadmap without applying the concepts you’re learning! Challenge yourself to complete every Skill Set activity and see what changes in your business as a result. We promise good things will happen.
Activity 1 – Choosing the Right Credit
Have you selected the best method of handling cash flow in your business using a line of credit or a loan? Here some questions to ask yourself when you are comparing options.
- What does your cash flow fluctuation look like for the year, and what months do you need the most help?
- How much flexibility do you typically need in cash flow, and how does this change with your anticipated growth in the next year?
- Research the following options:
- Credit Card
- Cash Flow Account
- Business Loan
Activity 2 – Cash Flow Projection
Do you have a cash flow calendar? There are a lot of free excel templates online to choose from. Here’s a free download.
You may have fallen into cash flow projection without a lot of intentionality and strategy when you first started your business. Think about some of some of the ways you can refine your cash flow planning to become more streamlined and predictive in your approach. Better prediction equals better profit! Ask yourself the following questions:
- Do you plan your cash flow at the beginning of the year? Who is involved in that meeting? Should you bring other key decision makers or advisors into planning with you?
- After having some experience under your belt with cash flow projection, what have you learned over the years? Can you lay several years of cash flow planning next to each other? What are the trends you observe? What do you wish you knew more about?
- What are some areas you know you need to simply buckle down on? What are some strategies to help you do this? Anyone you know that can hold you accountable?
- Where are your problem months? Who might you talk to for more help in these areas?