I'm sometimes surprised when leaders have a lax financial understanding of their business. Follow the 4 fundamental practices in this article to gain control. Give 3 a special focus: 1️⃣ Financial Goals: Set clear short-term and long-term financial goals to align across business functions, projects, and strategies. 2️⃣ Budgeting: Effective budgeting helps you make informed decisions and allocate resources efficiently. 3️⃣ Cash Flow Management: Monitoring and forecasting cash flow is essential for business survival. 4️⃣ Debt Management: Reducing high-interest debt and maintaining an emergency fund are vital for financial stability. Read more in the article about the importance of good financial practices for business success.
• Tim Gallagher
2mo
Love this. You make it very simple, Jon. I want to use this four-step approach in an upcoming meeting.
Cash flow management is critical.
Jim Ristuccia
2mo
Clear goals, effective budgeting, and cash flow management are essential for long-term business success.
Challenging the Best to Become Better
2moGood advice Jon. Especially #3 - companies don't go out of business because they don't have customer. They go out of business because they can't manage their cash flow.