Concrete steps you can take today to improve your cash flow tomorrow!
“Business opportunities are like buses, there is always another one coming.” – Richard Branson
Step 1. Know your numbers.
Step 2. Embrace low cash growth strategies.
Step 3. Maintain control of your financial systems at all times.
Step 4. Deeply understand your sources and uses of cash.
Step 5. Be fanatical about improving margins.
Step 6. Manage working capital well.
Step 7. Play cash offense by driving sales.
Step 8. Play cash defense through cost containment.
Step 9. Be ROI driven.
Step 10. Use cash to dominate your sector.
Use your newly minted cash to dominate a sector, not just compete in it. Sectors with too much competition will drain cash resources. Do this by regularly reviewing your strategic growth options and ensuring cash is diverted to the most promising areas. Don’t get complacent by the status quo and invest strategically to dominate.
About Eamonn Percy
Eamonn Percy is the Principal of The Percy Group, a business advisory + capital firm focused on helping business leaders of mid-sized companies accelerate the growth of sales and profit. Subscribe to his newsletter at www.percygroup.ca8