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Anybody who knows me knows I’m a bourbon guy through and through. But not just any bourbon. For me, it’s Blanton’s or bust, and that’s a fact I’m always proud to share! Here’s why: I haven’t always been able to shell out the dough for this premium brand. In the early stages of my career, I owned an accounting firm that was hit by the 1980s recession, resulting in negative cash flow, massive layoffs, and even the potential loss of my home. And I am a CPA! As it stood, my career was a sinking ship with no lifeboat in sight.
Millennials are ruining everything, right? Avocados. Libraries. The real estate market. Marriage rates. Only if you buy into this nonsense. We can learn a lot from this dynamic generation – if we’re willing to observe. Here are a few things I’ve come to admire about them. Perhaps you will too.
“Master your cash flow.” It’s just four simple words, but, taken to heart, it’s a concept that can change your life in ways you could never imagine! In fact, until you become the master of your cash flow you’ll never have full control over your financial future. And if you don’t have control, someone else will.
Nobody opens a business with thoughts of failure. We do it for the challenge, independence, earning potential, or love of sharing our products, services, or ideas with others. We want to impact the world!
And yet, only 66 percent of businesses with employees will survive their second year. That’s far too many people enduring the pain of a major financial setback, not to mention a broken dream. And it doesn’t have to be that way.
So why do so many businesses fail? After 30 years in finance, and a nearly failed business of my own, I believe the primary reason businesses go broke is that they fail to master their cash flow.
Practically all of the time, business owners are so busy working in their business that they forget to work on their business. It’s much more exciting to make a sale than to review a budget. But with the US Chamber of Commerce showing about half of new businesses failing by their 5th year, you might want to keep on reading.
Entrepreneurs can be like squirrels chasing nuts, always searching for the next big opportunity. They’re often distracted by the “shiny object,” always ready to jump on new ideas as they arise. But great ideas they do find. Making them successful is the challenge. Their talent for creativity and finding opportunities normally comes with a major blindspot in regard to running a business efficiently and maximizing cash flow. They need help.
Imagine it: walking into the office by choice rather than necessity. Think about it: Feel the stress melt. Feels good, doesn’t it? I bet it brings a smile to your face. This seems like a pipe dream to many, but the reality is that it isn’t so difficult to achieve with the right financial decisions under your belt and your commitment.