7 Proven Steps For Maintaining A Healthy Cash Flow For Your Horse Business: Register For This Exclusive Free Masterclass with Denyse Whillier and Find Out How
On 27 May, the Olympic gold medal winning horse, Uthopia will be sold at auction without reserve. Uthopia is being sold on behalf of Tom Keenan (Keenan Corporate Finance) and James Neill (HNH Group) who hold joint ownership of the stallion by virtue of their respective roles as Trustee in Bankruptcy over two separate bankruptcy estates.
Whilst details of the financial affairs of Uthopia’s owners are not in the public domain, the bottom line is that somewhere along the line, they ran out of cash and could not meet their liabilities. Uthopia is the unfortunate casualty in this story.
A study from the financial services company U.S. Bank found that as many as 82% of small businesses fail due to poor cash-flow management. It doesn’t matter how great your business is, how high your profit margins are, or whether investors are interested in supporting your business, your business simply won’t survive if you’re unable to manage its cash flow. So, even if you’re highly adept at all other aspects of running your business, it’s essential you set aside regular time every week to proactively manage your company’s cash flow to avoid putting your business at risk.
A recent survey found that 75% of small business owners have cash flow concerns, while 47% experience personal financial stress. In that survey, 45% of small business owners stated that they wanted to develop their expertise in finance and accounting, a slightly higher percentage than for sales and marketing.
Like me, you’ve probably had days or weeks when managing your cash flow caused you personal financial stress. The awful day, thirteen years ago, when as a new CEO I was told we wouldn’t be able to make payroll, remains indelibly etched on my memory. Clawing in the money to pay my staff was incredibly stressful. In this instance, it was the failure of a key member of staff to issue invoices in a timely manner, and then follow through credit control procedures, that caused the problem. But the incident made me realise I needed to put in place far better systems, and I vowed that I would never find myself in this position again.
It’s also why I’m so passionate about helping small business owners to main a healthy cash flow.
For many business owners, managing the financial side of the business seems daunting. Isn’t that what you pay your accountant or CPA to do? Well actually no, it isn’t. S/he can provide you with plenty of helpful information about the historical performance of your business. A good accountant or bookkeeper can also prepare a cash flow forecast for you. But at the end of the day, s/he can’t manage your business and its financial affairs for you.
Imagine, what it would be like to NOT experience financial stress, and better still to have total clarity about how you can maintain a health cash flow in your business?
That’s why I’m excited to be running this brand new Masterclass, 7 Easy Steps To Cash Flow Success at 7pm BST on Tuesday, 31st May.
Click here to get all the details.
If worrying about cash flow stops you from sleeping and you want to say goodbye to financial stress, this Masterclass will set you on the path to maintaining a healthy cash flow. During this Masterclass, you’ll discover:
· The 7 step blueprint that will have an immediate and positive impact on your cash flow.
· Three simple steps you can take right now to increase profits without spending a fortune on marketing. (Hint: This one tactic has increased my annual turnover by more than one third).
· The super simple formula that will ensure you price your products for profit.
· The key financial metrics you should watch like a hawk
· How you can eliminate financial stress, experienced by 45% of business owners, once and for all.
· Clarity on the next steps to you taking control of your cash flow.
Plus, you’ll receive a workbook to help you follow along. And a selection of my favourite tools for managing cash flow, including my price calculator. (Hint: this calculator will help you to ensure that you’re selling your products and services at a price that’s worth your while).
If you’d like help to maintain a healthy cash flow in your business, I’d love for you to join me for this free Masterclass, 7 Easy Steps To Cash Flow Success.
You can register HERE.
I help small business owners to scale and create a profitable business by providing business consultancy and business coaching services on either a 1:1 and group basis. I draw on my 8 years’ experience as a CEO to help the businesses I work with to transition from a 6 to 7/8 figure turnover.
Prior to becoming a business consultant and coach, I gained 25 years’ experience in business in senior management and leadership roles, including 8 years as a former CEO. This experience is backed up by training at Cranfield School of Management, the UK’s leading business school. With experience of leading and developing staff teams of up to 150 people across 7 sites, there’s very little I haven’t had to deal with or experienced during my career in business.
You can find out more about working with me here.