Did you know we can kill two birds with one stone? Well, I’m about to tell you how!! One of THE biggest challenges facing small/medium businesses (SMB’s) centers around tactical cash flow management and achieving strategic objectives. How can you balance short term cash management with long term strategy? We do have a solution for that. It’s called our Profit First Cash Management System (PFCMS). When our clients (and us, too because we use this system in our business) employ Profit First, we can manage short term cash requirements, and at the same time, store cash to meet long term strategic goals. How do…
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How to kill two birds with one stone Using Profit First to Achieve Your Strategic Objectives
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So you think you need to borrow some money?
We are debt averse in general. Borrowing money should be the choice of last resort, not first. But there are times where capital is needed and the business does not have sufficient time to generate the capital needed through its regular operations. In that case, borrowing might be useful. But you’d better have a good reason to go down this road. There are several reasons to borrow money: Business expansion There are two aspects to business expansion: Asset Acquisition: Sometimes when we expand the business we need to buy some assets like equipment, computers, etc. Working Capital needs: When your business grows, your working capital needs to grow…
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Typical problems contractors have implementing our Profit First Cash Management System (PFCMS)
You’ve Got Problems? Whoa, Dude (or Dudette), We need to talk!! Last month we started talking about how our “Profit First Cash Management System” can help you better manage your contracting business. Now it’s time to show you some of the snakes hiding in the grass. Oh yes, there are snakes… While it sounds simple to create a few extra bank accounts and start allocating cash into them, that doesn’t mean it’s easy. There is a big difference between simple and easy, you know. Simple means that it’s doable. But sometimes it takes a lot of work to get to “simple’” And…
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