From the course: Finance Foundations for Solopreneurs
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Understanding cash flow
From the course: Finance Foundations for Solopreneurs
Understanding cash flow
- The most important lesson I have learned in my nearly 15 years as a solopreneur is the crucial role cash flow plays in a business. The hardest part of that lesson is how long it takes to really sink in. While the concept of cash flow on the surface seems simple, the management of it is not so much. Your money will flow in and out of your account at interval times, even when you aren't thinking of it. To help you with the management of it, I'm offering five simple daily steps to help you stay on top of cash flow without it consuming all of your time. Okay, strategy number one. Schedule time daily to check your bank accounts. You choose the time to do it. I do it first thing in the morning, because that's when you see the automatic payments that are about to post, and the credit card deposits you are expecting to post. Stay vigilant with this, if you're not a high transaction business you might invest only three to four minutes, however if you are a high transaction business, it might…
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