So many questions plaguing the minds of CEOs right now come down to one answer: Cash Flow. The old “cash is king” adage will once again prove to be true. We learned it in the dotcom bubble, the real estate recession, and now COVID-19 is teaching us the basics of business > Cash in/Cash out. These building blocks will help you implement crucial changes NOW.
Many business owners manage cash at a very high level. They know that as long as we are getting more sales we should be able to cover our expenses. As one of our Elite members puts it, “You don’t have to worry too much about expenses if you just make more money.” He calls it J3M for short… Just Make More Money!
However, if sales aren’t what they need to be right now to cover expenses, you may find yourself in a situation where you wish you were better at managing the details of cash flow, not just the high level. The Crisis Cash Flow Management call with Jeremy Veatch, founding partner of Ironwood Venture, will be helpful for you if you want to…
- Illuminate your costs: By understanding all your costs and timing you can see what you actually spend
- Understand: Which costs to keep, which to pause, which to stop
- Revenues: New revenue streams and how to bring them in/structure them
- Cash flow dashboard: implement a proven process that gets cash into you’re savings account
Lastly, from Jeremy:
As a follow up, I want to pass along some additional resources that can be helpful for you. Here are links to:
These are the guiding principles we recommend in times of peace, as well as in times of war and this is the detail that will be required for the forgiveness provision of the PPP.
Founding Partner, Ironwood Venture