Keep What You Earn 3 Ways Your Business is Leaking Cash
I'm pretty sure one of the biggest fears of any business owner is running out of cash. Cash is the lifeblood, it's oxygen, it's what keeps your business alive and going. It's what enables you to make those big investments, to be able to level up in your business, to be able to reap the benefits of your business and grow your wealth. Cash flow is everything to a business's success.
One of the ways that we look at cash flow is by not only considering inflows but also outflows. We look at what is causing a cash leakage in your business. A cash leakage isn't necessarily representative of things that you need to stop doing. But I do want to discuss three of the major ways that businesses can leak cash so you can consider where you may be overspending or where there may not be as much of a return on your investments.
What you'll hear in this episode:
[1:30] Three of the major ways that businesses are leaking cash.
[3:20] Look at how much money you're spending on team members and contractors.
[5:40] You don't need a new person for every single role in your business.
[6:30] Coaching, masterminds, mentorship, and networking events.
[10:00] Advertising is truly like a slot machine if you don't have the messaging and tactics dialed in.
[11:30] Be careful of how much cash you're leaking through ad spend and explore whether you can infuse more organic marketing into your business.
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* Related episodes:
236. How to Know if Your Overhead is Too Large
240. Facebook Ads Strategies that Work with Daria Kotenko
245. Staying Small on Purpose with Keila Hill-Trawick
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.