The Investor Ready Scorecard is the barometer of business health. Mick and Andre are continuing the conversation on the different attributes of this scorecard, and this week, they're talking all about cash management and why this is so important to your business. They explain how cash management is a competitive asset and share tips on how to create a positive cycle of good business.
Mick and Andre go over the various stages businesses evolve through when it comes to cash management and what these stages mean about your business. They emphasize the importance of not creating problems that keep the owner from having time to work on the business and offer helpful advice on the subject. Listen in to learn how to differentiate between profit and cash, the importance of the balance sheet, signs of underlying issues, and more.
Listen to the Full Episode:
What You'll Learn In Today's Episode:
- What the highest performers have that allows them to take strategic action when opportunities come up.
- The different stages of cash management and what they say about your business.
- What working capital is and how it is critical to your business.
- The distinction between profit and cash.
- Why it’s inadvisable to pay someone to “chase cash.”
- How team vanity and sanity are underlying factors that point to cash issues.
- What the wealth creation engine is.
- The importance of freeing up the time you’re spending on fixing cash issues and spending it on developing the business.
Ideas Worth Sharing:
“You can be highly profitable, but if you don’t have cash, there’s not much you can do.” – Mick Holly
“The balance sheet is so badly neglected, and then they wonder why they have a cash problem.” – Andre Gien
“Healthy cash management is a weapon. It allows you to grow.” – Andre Gien
Resources In Today's Episode:
- Built to Last by Jim Collins
- Good to Great by Jim Collins
- Investor Ready Scorecard
- Tips For Creating Healthy Cashflow
- Build Your Money Making Machine Tips
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