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September 5, 2023 47 mins

Ever wondered about the silent killers of profit and cash flow? In a recent chat with Mike Milan (Cash Flow Mike), we explored mismatched financing and high-interest payments that can quietly wreak havoc on your bottom line. Remember, 35% of businesses filing for bankruptcy have net profit. Focus on cash flow to safeguard your business' financial health.

In this episode, Mike and I discuss:

  • Difference between profit and cash flow

  • Challenges of managing cash flow in businesses that rely on insurance payments

  • Importance of understanding the financial gap between making a sale and getting paid

  • Significance of small changes in cash flow management

  • Need to speak in terms of dollars rather than percentages

  • Importance of providing bite-sized, consumable chunks of information to busy business owners

  • Managing workload for service providers after a certain number of jobs

  • Silent killers to profit and cash flow, such as mismatched financing and high interest payments

  • Focusing on cash flow to prevent financial failure

  • Importance of understanding the concept of the financial gap and keeping it small to avoid cash flow problems

  • Tracking expenses and using technology to improve efficiency

  • Differentiating between fixed and variable costs when calculating the cost of goods sold

  • Analyzing advertising mediums to determine effectiveness

  • Mike's programs and services for learning more about cash flow management

 

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

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