How Strong is Your Cash Flow?

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Quiz Questions

1.
Tell us about your customer payments.
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- A.
  I collect a deposit upfront before working
- B.
  The deposit I collect is 50% or more of the fee
- C.
  My customer invoices are due in less than 30 days
- D.
  I offer multiple payment options
- E.
  I use payment processors and credit card readers to accept payment
- F.
  I use direct deposit to move funds to my bank account
- G.
  I offer a paid-in-full option for customers
- H.
  I have automatic reminders for open invoices
- I.
  When I offer a payment plan for customers, they are three installments or less
- J.
  I have late payment penalties for customers
- K.
  I have early payment incentives for customers
2.
Tell us about your offers and revenue streams.
- A.
  I have one recurring revenue stream
- B.
  I have multiple recurring revenue streams
- C.
  At least one of my revenue streams is passive
3.
Tell us about how you pay vendors.
- A.
  I pay my bills when they are due, not when they come in
- B.
  I use a business credit card for most expenses
- C.
  I pay off that business credit card every month
- D.
  I don't use autopay except for recurring monthly costs that are the same
- E.
  I do not prepay expenses or pay in full upfront unless there is a large incentive
4.
Tell us what you have in place to oversee your cash flow.
- A.
  I keep most of my profits in my business
- B.
  My business is able to provide the cash I need for my lifestyle without sacrificing business investments.
- C.
  I keep a cash flow forecast

Quiz Outcomes

1.
Your cash flow probably needs a recharge
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It's time to take control of your cash and build a structure that lets your business grow stress-free.You have a system in place, but customers are probably taking advantage of longer payment timelines or they are not incentivized enough to pay up front.You also may not be fully optimizing your outgoing payments. Unless you are receiving early pay and paid in full discounts that are worthwhile, you should not be paying bills before they come due.Here are some ideas that can help:Consider implementing a paid-in-full price point that is impossible to resist but also meets your goals, and charge more for the month to month option. This puts you in control of cash much faster, but make sure you have an iron clad customer agreement and you have a well communicated refund policy if services are terminated.Never let your customers pay you more than three installment payments when offering a payment plan for your services. By allowing customers to pay later, you not only delay your ability to invest that money, but also run the risk of them flaking out and not paying up.Create a cash flow forecast for six weeks for your business, including revenues, expenses, debt repayments (like credit cards), owner's draws, and retirement savings. Sometimes just looking at where your money is coming from and going can be eye-opening and game-changing for a business owner.Good news - we have a FREE TEMPLATE you can use!Or, if you're ready to take needle-moving-forward action, learn more about Endless Cash.Nice to meet you!I'm Shannon and I'm a CPA, but not the boring kind like your dad (sorry). My mission is to help entrepreneurs master their money so they can make decisions and grow their businesses confidently.I am a frequent speaker in business mastermind communities as well as the host of the Top 100 Entrepreneurship Podcast, Keep What You Earn.Learn how to never run out of money...Check out our podcast episode here introducing the concept of cash flow. More will definitely be coming, so make sure you are subscribed.Join the conversation!You can find me, other experts and entrepreneurs just like you hanging out in the KEEP WHAT YOU EARN COMMUNITY on Circle. It is NOT a Facebook group and it's totally free! Simply click the button below.See you soon!-Shan
2.
Money is flowing, but could it be growing?
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You got the flow down! Time to refine and enhance...It's time to set some boundaries and expectations with clients on payment terms and timing. That may mean refining your pricing to accommodate a tighter payment timeline or it could mean requiring a larger deposit or fewer installment paymentsYou may also want to consider whether you really need to pay all your bills right away when they come in. Having that money in your control a bit longer can make a real difference in your financial power.Here are some ideas that can help:Make sure the foundation of your business is built on recurring revenue streams. If you can cover your monthly burn with consistent monthly revenue sources, that is a recipe for cash flow magic!Make paying you the easiest thing your customer can do. Offer multiple payment type options and shorten the process by taking payments via electronic processors like Stripe, Square and QuickBooks Payments. If you invoice customers, make sure your terms are clear and those automated reminders are on.Create a cash flow forecast for six weeks for your business, including revenues, expenses, debt repayments (like credit cards), owner's draws, and retirement savings. Sometimes just looking at where your money is coming from and going can be eye-opening and game-changing for a business owner.Good news - we have a FREE TEMPLATE you can use!Or, if you're ready to take needle-moving-forward action, learn more about Endless Cash.Nice to meet you!I'm Shannon and I'm a CPA, but not the boring kind like your dad (sorry). My mission is to help entrepreneurs master their money so they can make decisions and grow their businesses confidently.I am a frequent speaker in business mastermind communities as well as the host of the Top 100 Entrepreneurship Podcast, Keep What You Earn.Learn how to never run out of money...Check out our podcast episode here introducing the concept of cash flow. More will definitely be coming, so make sure you are subscribed.Join the conversation!You can find me, other experts and entrepreneurs just like you hanging out in the KEEP WHAT YOU EARN COMMUNITY on Circle. It is NOT a Facebook group and it's totally free! Simply click the button below.See you soon!-Shan
3.
Keep going with the flow!
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You've got the hang of this cash flow thing!Seems like your cash flow is strong and steady - congrats! There are always small improvements that can be made, though. If you are not already tracking your cash flows intentionally, now is the time to start. Create a short-term cash flow forecast of six weeks or so, and expand from there. Tools like this will help you review your cash behavior, plan for the future and strategize your goals.Here are some ideas that can help:Make sure the foundation of your business is built on recurring revenue streams. If you can cover your monthly burn with consistent monthly revenue sources, that is a recipe for cash flow magic!Be careful how much and how often you are pulling funds out of the business. While this is your money, you want to keep the business healthy with fuel flowing within it, ready to invest in your growth.Create a cash flow forecast for six weeks for your business, including revenues, expenses, debt repayments (like credit cards), owner's draws, and retirement savings. Sometimes just looking at where your money is coming from and going can be eye-opening and game-changing for a business owner.Good news - we have a FREE TEMPLATE you can use!Or, if you're ready to take needle-moving-forward action, learn more about Endless Cash.Nice to meet you!I'm Shannon and I'm a CPA, but not the boring kind like your dad (sorry). My mission is to help entrepreneurs master their money so they can make decisions and grow their businesses confidently.I am a frequent speaker in business mastermind communities as well as the host of the Top 100 Entrepreneurship Podcast, Keep What You Earn.Learn how to never run out of money...Check out our podcast episode here introducing the concept of cash flow. More will definitely be coming, so make sure you are subscribed.Join the conversation!You can find me, other experts and entrepreneurs just like you hanging out in the KEEP WHAT YOU EARN COMMUNITY on Circle. It is NOT a Facebook group and it's totally free! Simply click the button below.See you soon!-Shan

How Strong is Your Cash Flow?

One of the BIGGEST factors in the longevity of a busines is cash flow. Find out how well you are managing your business's cash flow by simply checking the boxes that describe you!

Quiz Questions

Quiz Outcomes