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:
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Difference between profit and cash flow
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Challenges of managing cash flow in businesses that rely on insurance payments
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Importance of understanding the financial gap between making a sale and getting paid
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Significance of small changes in cash flow management
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Need to speak in terms of dollars rather than percentages
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Importance of providing bite-sized, consumable chunks of information to busy business owners
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Managing workload for service providers after a certain number of jobs
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Silent killers to profit and cash flow, such as mismatched financing and high interest payments
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Focusing on cash flow to prevent financial failure
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Importance of understanding the concept of the financial gap and keeping it small to avoid cash flow problems
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Tracking expenses and using technology to improve efficiency
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Differentiating between fixed and variable costs when calculating the cost of goods sold
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Analyzing advertising mediums to determine effectiveness
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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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