BABY STEPS - STEP 1 OF A 3 STEP ACTION PLAN FOR MANAGING CASH

I was reminded back in the summer of 2012 in a blog post by Jeff Walker, creating success happens in baby steps.  I needed that reminder today, to remind myself I am on a journey to building my business and it doesn't happen overnight . . although I would LOVE the success to happen yesterday. A heartfelt YES, and you?

So I thought, why not create a post that supports you the leader, entrepreneur, business owner, CEO, a baby step action plan for managing the heart of your business, cash.

Step #1 - Manage cash daily. 

How you ask?

With the daily, 12 month cash register.

Why manage cash daily? This is the path that provides direction for your financial goals for your business. This is so you know where you are at all times, and so you see where you are heading. Mapping out cash coming in and going out daily, allows you to see and plan what is needed. You know when monthly recurring bills and loan payments happen, so map it out and plan how much cash you need daily..

A question I am constantly asked - Why do I need to manage cash flow daily when I use QuickBooks.?

Great question - the answer - CASH is KING. Cash is worked daily, you need to know how much cash you have on hand at all times. YES, that means creating a new muscle, a new habit if you want to figure out how to work your cash flow differently.  Cash happens right now, in this very moment when you receive a payment or are purchasing goods or services. Working cash daily forces you to look at and think of what is coming up next. If it is next week, the end of the month, next month or next quarter, etc.

When I was working with the privately held corporations, as the CFO I worked and planned cash daily, always looking at each day, each week, each month and each year. My team worked on and updated the financials in the accounting software used. AR, AP, monthly transactions, etc were worked on thru out the month.  Cash and financials are two different animals, cash is cash and financials are the whole picture of the financial story for the business.

Even now, with our gym business, we manage cash daily with the daily cash register. IT's like a checkbook in Excel, that holds 12 months of info in one workbook. Each month has it's own tab, and each worksheet is linked to the next. Every day we look at cash and manage it daily. Each day's deposits are mapped out and updated daily at the end of the day or the next morning. Recurring payments such as payroll, trainers commissions, monthly loan payments, purchasing supplies and advertising. By doing this we are able to make a decision how much to transfer to savings each month.  We put aside the bi-annual property tax payments or plan for additional equipment purchases.  I also balance the bank statement to the daily cash register which is a check and balance system for balancing cash to QuickBooks at the end of the month.

Remember, CASH is KING, so you need to know where you are at all times.

Creating simple, easy baby step habits opens the door to new possibilities for you and your business.

Next, I will share step two - Managing cash weekly with the cash management register.

Get in to action, and get cracking on managing your cash daily. If you have any questions or need help with managing your cash, reach out and ask for help, e-mail me at d.rosenfelt@cfomadeeasy.com to set up an appointment to discuss your needs.

Warmly -


Debbie Rosenfelt MBA CPCC
President / CFO.

WE GET WHAT WE BELIEVE

The past couple of days I have come across either a book speaking to beliefs or an article or people sharing about the concept of beliefs.

Yesterday, I heard:

"We don't believe what we say we believe, we really live out what we believe." 

How thought provoking, and so true.  What is reflected back to me is what I believe.

Then I read yesterday's daily guide from Science of Mind:

Our beliefs truly do shape our perceptions and our world. We do not get what we think we deserve, but we always get what we believe. If we believe we are entitled to something, we typically create a whole internal narrative to support that idea. If we believe the world is not safe, we will begin to gather evidence to support this theory and then go about building the structures and protection around us to assure our survival.

Or, if we believe we are supported and loved not for any achievement or accomplishment, but because our Divine nature is one of love, creativity and supply, we then make ourselves available for a whole new experience of life. If I accept the premise that I am not alive to compete and battle others, but rather to collaborate and create, I begin to see the world in a whole different light. I start to dismantle my agreements with struggle and open myself to possibility and joyful expectation.

Believing I deserve something without doing the required work to shift my beliefs and behavior to right alignment with that which I desire always creates disappointment. It is always the consciousness beneath the thought that gives it life and form.

To shift any condition in my life, I must start with what I believe about that condition and then engage in the spiritual practices that give birth to newness.  (Excerpt from Science of Mind, August 3rd, 2014)

There is so much opportunity available here to ponder. Ask yourself, what is being reflected back to you that is based on your beliefs?  Is there something showing up that you absolutely appreciate, or don't want?

Search deep inside and spend a few minutes in quiet stillness and ask, how is my belief reflecting back.  Be aware, everything encountered has been created with a conscious or unconscious agreement

You have everything you need readily available to you to appreciate your belief, or to create a new belief, a new perspective.

What belief do you appreciate?

What belief do you want to change?

Enjoy this day, as you believe.

Warmly - Debbie

Man is made by his belief. As he believes, so he is.

Johann Wolfgang von Goethe

Our belief is that anything the mind can think, it can unthank.

”The Science of Mind,” page 86

GROWING THROUGH IT

I am easily inspired each day if it be reading a quote that speaks to my heart, a short story, watching a video or a movie, even through deep conversations with family and friends.  I intuitively seek the positive in every aspect of life or business.

This morning's encounter of inspiring words of encouragement came from "Science of Mind" daily guide, for June 14th, 2013, by Rev. Sally Robbins

The story's undertone resonated for me and empowered encouragement of what is possible.  I live from the land of possibilities in everything I touch, hear or see.

As you read, notice and listen to the underlying message.  May this speak to your heart in what ever you are encountering in your life and or business.

Growing Through It.

"Deep within man dwells those slumbering powers; powers that would astonish him, that he never dreamed of possessing; forces that would revolutionize his life if aroused and put into action" Orison Swett Marden

I would rather see a student of this Science prove its Principle than to have him repet all the words of wisdom that have ever been uttered.  It is far easier to teach the truth than it is to practice It.  ~The Science of Mind, page 423

I lived in Minneapolis in 1993 when there was record flooding along the Mississippi River. Scientists discovered that the plants that normally grow on the bottom of the Mississippi and

reach to just above the water line were significantly taller that year. Due to the flood waters being over six feet above the Mississippi’s normal water line, the plants had to grow at least six feet higher to reach the top of the water to receive the sunlight they needed. There was
something within them that urged them to grow—and grow far taller than theyhad previously grown.

Sometimes we can feel overwhelmed and feel that the waters of life are closing in over our heads. It is in this moment that we have the opportunity to practice our spiritual principles. This is the time when we get to walk our talk. As Morpheus from The Matrix says, “Sooner or later, you’re going to realize that there’s a difference between knowing the path and walking the path.” Instead of spouting hollow platitudes, we courageously walk the spiritual path and learn from it.

There is something within us that is calling us to grow. The challenges in our lives are opening us to greater possibilities. Just as those plants in the Mississippi River needed to grow taller to reach the sunlight, we can grow through whatever comes. (Science of Mind, June 14, 2013 Rev. Sally Robbins)

So I whisper to your heart, what is calling you to grow?

What is your heart yearning?

What challenges are opening you to greater possibilities?

Your heart is talking to you.  Are you listening?  If you don't who will?

If this story or inquiring questions have created a spark of curiosity inside of you e-mail me at d.rosenfelt@cfomadeeasy.com

 

Warmly -

Debbie Rosenfelt

Chief Heart Officer

 

BABY STEPS - STEP 2 OF A 4 STEP ACTION PLAN FOR MANAGING CASH

For a good twenty years, I managed cash daily, weekly, monthly and quarterly at the privately held companies I worked for.  Consistently working cash flow so we were prepared for anything.

Step two for managing cash is using a weekly cash management tool.

This is a 52 week spreadsheet that tracks cash flow going in and coming out of your bank accounts. General checking, payroll account (If you have a separate account) savings account, and line of credit. In addition, this spreadsheet tracks accounts receivable, account payable and any credit card debt you may carry. 

Using this tool will have you looking at your accounts consistently and allows you to manage and plan, when you need to borrow from a line of credit, pay down the line, and or transfer money into savings.

We have a savings account for the gym and we sock $500 each month to cover the semi-annual real estate property taxes.  In addition, if there is a little cash left over we will put additional funds aside to cover new equipment for the gym.

You can purchase the weekly cash management tool to your right for $175, equal to $3.37 a week, which is equivalent to less than one Grande latte.

Why manage cash weekly? This is the path that provides knowledge and direction for your financial goals for your business. This is so you see where you have been, know where you are and plan where you are heading at all times. Knowledge is power. Mapping out cash coming in and going out weekly, allows you to see and plan what is needed.

A question I am constantly asked - Why do I need to manage cash flow daily when I use QuickBooks.?

Great question - the answer - CASH is KING. It is the lifeblood of every business. If you don't manage the cash coming in from accounts receivable and going out, accounts payable you run the risk of putting yourself out of business.  When you don't manage sales and accounts receivable you run the risk of missing income. (See previous post REVENUE PATROL ALERT ) If you are not managing your expenses. i.e. accounts payable you can run the risk of negative circumstances where you have to scramble.  The numbers are only information, with that information, you make choices and decisions how to move forward.

A short story about cash flow. Back in 2008 I was working with a company that sold goods wholesale to large retailers.  There was one company that we had to constantly monitor as there were rumbles of bankruptcy in the air. Frightening, especially when there was over $500k in outstanding receivables. They continued to make promises to pay, however at the end of June we were notified they filed for bankruptcy protection.

The good news, we had one advantage, our product the bankrupt business was selling, was their best seller. They needed our product.  I immediately created a letter to the President of the bankrupt company stating all sales will be paid for in advance by a wire. The President agreed. How did we do with cash flow? The cash sales from the bankrupt company provided cash in advance and funded our growth as the business grew 74%that year.  You need cash to grow.

Your business will fail with poor cash flow management, so why run the risk?

Create that new muscle, a new habit and learn how to work your cash flow differently.  As I shared in Step One, Cash happens right now, in this very moment when you receive a payment or are purchasing goods or services. Working cash daily and weekly forces you to look and plan.  You are the CEO of your business and the CFO. Lead your finances as you lead your business.

Remember, CASH is KING, so you need to know where you are at all times.

Creating simple, easy baby step habits opens the door to new possibilities for you and your business.

Next is step three - Cash Flow Management - Planning and mapping out sales i.e accounts receivable, expenses, i.e. accounts payable and credit card debt weekly.

Get in to action, invest in yourself and your business. Purchase the weekly cash management tool and get cracking on managing your cash. If you have any questions please leave below or e-mail me at d.rosenfelt@cfomadeeasy.com

Warmly -

Debbie Rosenfelt

Chief Heart Officer.

STOP Guessing and START Creating - Revenue

For the last few weeks I have been creating revenue projections for entrepreneurs. So I am introducing this fun transformation strategy session to YOU -  

STOP guessing and START creating Revenue with direction and purpose.

Schedule a 60-90 minute energizing transformational strategy breakthrough session and;

• Discover the hidden income potential for your business.

• Uncover if you are spending 70% of your time on the least profitable products.

• Recognize how prices impact your happiness and revenue goals.

• Gain clarity on where you should concentrate marketing dollars

• Feel inspired and empowered! YOU will reveal where your business could grow.

What more could you want?  Gain clarity and direction. Learn where to concentrate your most precious time on the most profitable products.

This will be a fun, energizing 60-90 minutes.

Step 1 - Click on the link to schedule an energizing transformational Revenue strategy session.
Transformational Revenue Call

Step 2 - Click on the drop down box to your right and select Revenue Projections.

Step 3 - Send me a list of products and prices two days before on strategy session. I will prepare the revenue projections with your information.

Step 4 - After our session, you will have projections for the balance of 2012 AND you will  have the revenue projections tool for you to create 2013 revenue projections in October/November.  If you want support for 2013 projections, support is here.

Below are testimonials from entrepreneurs sharing the transformation impact creating revenue projections.

If you have any questions - feel free to e-mail me at d.rosenfelt@cfomadeeasy.com.

Warmly -

Debbie Rosenfelt

CFO Made Easy

Testimonials

It WAS a rocking session. . . "Once I mastered the essentials, Debbie inspired me to plan more boldly for some pricing model changes I'd been contemplating and now the value of what I provide to clients is in alignment and so is my cash flow! I am thinking bigger picture, while confidently knowing my financial foundation is rock solid." Kristen Hemingway Hemmingway Strategies LLC

In just one hour, my financial coach was able to help me identify that I'm spending 70% of my time on the least profitable area of my business and only 30% of my time on the highest potential profit center.  That clarity was able to instantly help me switch my marketing and roll out strategy to pull resources from one area and reallocate them to another.  Just one hour of the clarity changed my entire business model!  Cindy Ratzlaff BrandYOU

As I worked with Debbie Rosenfelt quite a few things changed for me.  First was that I became very clear on my value, my real value, and how I value my time. Then I became clear on what I do and don’t want to do; what I want to offer to my clients and, most important, what I don’t want to offer.  This was a huge revelation to me and a very important part of the process.  With her wonderful insight and encouragement I was able to refine how to organize my product offerings and how to price them. Liz Byrne Loving Your Story