*Sponsored by Small Business First
WE TALK to hundreds of business owners each year through the Kochie’s Business Builders TV series and website.
And without a doubt the most common issue they face is cash flow. Even a profitable business can be crippled by unplanned cash flows.
For many businesses it’s often a monthly battle to make sure you have enough in the bank just to pay the rent and staff.
The troubling thing is that cash flow can often be out of the business owner’s hands – if they are waiting on slow-paying customers, a huge tax bill, or an unexpected expense.
That’s why it’s so important for businesses to constantly be doing budgets and forecasts, and to always have an eye on reducing their costs. Because as anyone who’s ever done a household budget knows (and that should be everyone!), the only way to improve your situation is to make more money, or spend less. Simple as that. And businesses can always be spending less.
It’s easy to get bogged down in the day-to-day and forget about the direct debits and monthly bills going out. But simply reviewing what you’re paying, cutting out unnecessary expenses, and shopping around for better deals can save your business important dollars.
That’s why I love getting behind initiatives like Small Business First, which are doing the hard work of finding ways for small businesses to save money and get on with what they love.
A little bit of effort can result in a bunch of savings. And a bunch of savings can go a long way to helping your cash flow.
So make the time today. Put aside 10 minutes to look at what you’ve been paying for electricity, gas and your other bills and make sure you’re getting the best deal available. Make it a regular habit and you’ll be surprised how much money it could end up saving your business.
I’ve just finished Shoe Dog, the autobiography of Nike founder Phil Knight. It’s a must-read for any business owner and shows that even Nike had huge cash-flow problems – even when everyone thought they were so successful. Made me feel a lot better.
TOP DEALS ON GAS AND ELECTRICITY
Become a Small Business First member to access discounts of up to 37 per cent on your electricity and gas bills, plus a pre-paid gift card valued at up to $250.
This exclusive offer ends October 13, 2016. Every business has different energy needs, so Small Business First has flexible offers to suit. It’s free to join and takes less than a minute.
This offer is available to business owners with an ABN in NSW, Victoria, SA and the ACT. Queensland business owners are only eligible for the electricity offer. Offer also available to businesses operating from home. Terms & conditions apply. See smallbusinessfirst.com.au
Readers should shop around for the best deal to suit their needs. Small Business First and Fairfax Media may earn a commission on deals through smallbusinessfirst.com.au. Pinstripe Media, David Koch's family business, is a founder of Small Business First.
