by Paul Simister
on November 16, 2020
2020 has been a brutal year for the world economies and small businesses in particular. The Covid-19 pandemic appeared without warning and caused many businesses to plunge into a crisis.
Things aren’t getting easier and that means more business owners and entrepreneurs are suffering from financial stress.
No Wonder Small Business Owners Suffer From Financial Stress
The leisure industry is being decimated and the high street retailers are suffering too. Many service businesses involve close personal contact and these have been badly affected as well.
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by Paul Simister
on June 8, 2018
The full title of this book by Helen Monaghan is
12 Steps to Improve your Cashflow: Helpful tips and advice on how to have a better relationship with your business finances so you can fulfil your purpose
In my review posted on Amazon.co.uk, I gave the book Three Stars. This means it is Worthwhile.
Here is my book review.
Mainly for therapists and coaches and more how to run your business
The book takes a broad view of what can be done by managing your business better.
I’ve mixed feelings about this although I hadn’t realised the target businesses were so tightly defined when I downloaded it under my kindle unlimited subscription. [continue reading…]
by Paul Simister
on June 5, 2018
The full title of this book by Jesse Mecham is
PACE: A Small Business Owner’s Guide to Complete Cash Flow Clarity
In my review posted on Amazon.co.uk, I gave the book Four Stars. This means it is Good and Well Worth Reading.
Here is my book review.
Interesting way to think through cash flow management.
A young CPA (accountant) with a software business selling budgeting software has developed a way of managing his cash flow.
As he tells his story about his uncertainties regarding cash flow, he seems remarkably absent minded ideas like a short term cash flow forecast let alone a longer term one. Yes you have to make assumptions and they can be wrong but it’s the way people normally work in bigger organisations as well as startups requiring funding. [continue reading…]
by Paul Simister
on July 19, 2017
From time to time, a business owner will contact me and ask for a free Business SOS because their business has cash flow difficulties.
The first issue we face is the problem of diagnosis. A business may be experiencing cash flow problems for a number of different reasons and curing the problem for the long term means getting to the root cause.
Cash flow difficulties normally mean that the business is struggling:
- To pay suppliers when they chase for their money after selling on credit, or
- When another supplier insists on payment on order or delivery and no money means no goods, or
- When the business owner is struggling to find the money to meet the weekly or monthly payroll, or
- When the business can’t meet a periodic payment like the quarterly rent or VAT, or
- When the business owner wants to take money out of the business for personal use and the money isn’t there.
The Causes Of Cash Flow Problems
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by Paul Simister
on January 6, 2017
The full title of this book by Lori Schafer is
“Managing Cash When You Haven’t Got Any: Volume 1: Dealing with Vendors: Practical Cash Flow Strategies for Small Business“.
In my review at Amazon.co.uk, I rated the book at the Four Stars level. This means I consider it to be good or very good.
Here is my review.
Very practical guide to managing payments to suppliers
Juggling cash flow by chasing customers for payment whilst fending off suppliers who want their money is very stressful.
Vendors is the American term for suppliers. This is a good, practical book that looks at the psychology involved. This includes identifying what suppliers want to hear compared with what they don’t like and can cause more trouble. [continue reading…]
by Paul Simister
on March 5, 2016
This is a review of
“Genghis Khan Guide to Business” by Brian Charles John Warnes.
Who Should Read This Book
- Every qualified accountant without extensive business experience at finance director/controller/chief financial officer level.
- Every business owner and entrepreneur.
- Every managing director or chief executive who is responsible for the profit and cash performance of a business and who doesn’t have complete confidence in his or her finance director or CFO.
How I Was Introduced To The Book
After I passed the final exams to be a chartered accountant, I was given this book to read by one of the partners in my accountancy firm who had returned to the profession after working in industry for many years. I was told that I’d learn how finance really worked in the real world, away from all the fancy theories I’d learnt to for the exams. [continue reading…]
by Paul Simister
on May 21, 2013
If you’re a business owner, it won’t have taken long for you to appreciate why there is so much talk about the importance of cash flow in any business start-up books you may have read.
>>> Why Cash And Cash Flow Are Important
You’ll have found that it is easy to spend money but much more difficult to make sales and to collect the cash when it’s due to be paid.
In this article I’m going to look at:
- How businesses get into cashflow difficulties
- How cashflow problems can be fixed
by Paul Simister
on May 17, 2013
Following up on the articles
>>> How To Increase Cash Receipts In A Cash Flow Forecast
>>> How To Get Payments In Advance From Customers
we will look at credit control and the issue of…
How To Get Credit Customers To Pay Faster
There are two issues with collecting the cash for sales made on credit accounts:
- the agreed credit period – when payment is due.
- getting the money on or around the agreed payment date.
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by Paul Simister
on May 15, 2013
Following up on the article
>>> How To Increase Cash Receipts In A Cash Flow Forecast
We will look at the issue of getting payments in advance of doing the work from your customers.
How To Get Payments In Advance From Customers
One of the fastest way to increase cash receipts in your cash flow forecast is to ask for receipts in advance (although you would ask customers to pay in advance from their perspective). [continue reading…]
by Paul Simister
on May 13, 2013
Many years ago I was told the banker’s mantra and it’s always stuck with me as the explanation for why all businesses need effective financial control.
Turnover Is Vanity, Profit Is Sanity But Cash Is Reality
Read it in, learn it and take it to heart.
It contains one of the core secrets to long term business success.
