In this video I speak with small business expert Adele Martin on The 10 Deadly Sins of Small Business Cashflow Management.
We dig deep and uncover the common pitfalls entrepreneurs fall into and what you can do to avoid them.
Whether you’re thinking of starting a new business, have already started a business, or you’re well and truly into your business’ life cycle, you’re guaranteed to pick up some awesome takeaways that you can take action on immediately.
In this video you will learn:
SIN #1 – Slow Collection
SIN #2 – No Policy or Procedures for Bad Debtors
SIN #3 – Not having cash to pay bills
SIN #4 – Paying too much tax
SIN #5 – Mixing Business With Pleasure
SIN #6 – not looking at your numbers
SIN #7 – Looking at profit in isolation
SIN #8 – not understanding your break even
SIN #9 – not taking a wage
SIN #10 – Act like a big business
Adele Martin’s Pro-Tip for Small Business Owners:
“Read, just to read. Read as much as you can, and educate yourself around small business. There’s not a small business school you can take yourself off to, so you have to surround yourself with an A-Team of people, but also just read as much as you can.
A book I’ve started reading recently which I absolutely love is The 4 Hour Work Week. For anyone who is entrepreneurial, or likes to think outside the box this book is fantastic. It makes you think, as a small business owner, you don’t have to do everything yourself, you don’t have to be superwoman or superman…”
Special Bonus Offer:
Adele is a big believer in financial education and doesn’t think there is enough of it taught in schools or university. Having sound financial literacy becomes even more crucial if you are in your own business.
So as a special offer to Ninjodo fans,
Firefly Wealth Financial Knowledge Centre provides you with a web based collection of valuable articles, videos, calculators, quizzes, learning modules and much more that you can use to build on your financial knowledge.
Goto knowledge.fireflywealth.com.au/ and register to secure your membership.