In today’s episode on The Render Podcast, we are ending the Finance Series talking about Cash Flow — we know it may feel like we just talked about this, well, because we did! However, we are updating the content, chatting about how this differs for larger companies vs. smaller companies, and how managing your money can be the key to your success.
To end this Finance Series, we wanted to recap what we talked about in the past episodes.
— Episode 143 — Finance Terms To Know
In the first episode of the series, we talked about key financial terms you should know and have in your vocabulary. We got uncomfortable and spoke about how not knowing and understanding these key terms will only hurt you in the long run and even threw out our favorite software to use!
— Episode 144 — Finances of Your Business
As we continue along this series, knowing and understanding how to run your business and the numbers within that is the next stepping stone to being successful. In this episode we dove right into various tasks that we have integrated into our calendars, standing true to this routine and seeing how doing even the tiniest amount of work daily helps keep your finances organized and together as they should be.
— Episode 145 — Data Analytics & Strategy
Analyzing numbers may not sound all that fun, but we have equipped you with the tools you need to work the numbers and see success. Keeping track of your analytics is great, but how are you using them? We discuss this and give you the tools you need to know how to use the data you track.
If you find you missed any of these episodes, we have linked them in this blog just for you! This is great knowledge when it comes to learning how to continue running your business.
We know that this may seem repetitive since we re-ran an episode the week before last, but we are here to touch base on it again — yes, it is that important. Christie Varner talks about tides and oceans and how you can think of your business money the same way. Think about the expenses in your business and the costs to run your business as a tide that is going out. Like a tide in the ocean, the tide comes in and goes out. As a visual, this may help you understand your money better.
You have seasons of your business when the money is really, really good. Clients are consistently booking, you are getting the quotes you are sending out and the cash flow is flowing. Then there are times when the tide is low…or the money is low. This is the ebb and flow of cash flow and running a business. How can you sustain your business while you are in these different seasons? Control. It takes knowing and understanding what needs to be spent where to sustain life while funds are low. Making sure that monies are being deposited into the appropriate accounts for upcoming payments or bills is what will be setting you up for success. When the time comes to put out the money for that expense, the money is there and you do not have to worry about where it will come from.
Another thing you should consider is having a separate account for all of these expenses that are going to come out of your account. Your operating expenses, monthly expenses, and the other various things you have to pay in your company should be in a separate account so they can be properly accounted for and taken care of. Understanding what is coming in and what is going out and knowing that is so powerful. Having your money set up where you know that you can make the appropriate payments for your monthly overhead will be so much less stressful in the long run. Getting off track can be too easy so we highly encourage you to sit down and get a plan down for your financial success.
We hope that this has been a helpful series for you and you have enjoyed being on this ride of the Finance Series. We love offering free, educational and giving you key information to help set you up for success in your business. If you enjoyed today’s episode, we would love for you to Leave Us A Review on The Render Podcast — this helps so much!
Raven Scott | Podcast & Marketing Coordinator
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