3 Ways Your Business is Leaking Cash

I'm pretty sure one of the biggest fears of any business owner is running out of cash. Cash is the lifeblood, it's oxygen, it's what keeps your business alive and going. It's what enables you to make those big investments, to be able to level up in your business, to be able to reap the benefits of your business and grow your wealth. Cash flow is everything to a business's success.

One of the ways that we look at cash flow is by not only considering inflows but also outflows. We look at what is causing a cash leakage in your business. A cash leakage isn't necessarily representative of things that you need to stop doing. But I do want to discuss three of the major ways that businesses can leak cash so you can consider where you may be overspending or where there may not be as much of a return on your investments.

"Cash flow is everything when it comes to a business's success."

In this episode, you will learn the following:

1. Uncovering the Major Ways Businesses Are Leaking Their Cash
2. Exploring the Idea of Integrating Services to Maximize Cash Flow
3. Evaluating the Return on Investment of Coaching Masterminds and Mentorship

What you'll hear in this episode:

• Three of the major ways that businesses are leaking cash.
• You don't need a new person in every single role in your business.
• The opportunity cost of these types of experiences.
• Be careful of how much cash you’re leaking in your ad spend and explore whether you can infuse more organic marketing into your business.

Here are some brief snippets from this episode:

[00:00:50]
One of the biggest fears of any business owner is running out of cash. Cash flow is everything when it comes to a business's success. Here are three ways that businesses are leaking their cash or potentially overspending.

[00:05:07]
So I want you to explore the idea of integrating and creating synergy in your team. You don't need a new person for every single specialty. You can find someone who is 80% good at everything you need, and that may be the solution for you.

[00:06:19]
A lot of people are investing a lot of money in coaching Masterminds and mentorship. Set yourself a budget every year for paid networking opportunities. Be careful of spending way too much money to get in rooms with certain people. Instead cultivate real relationships organically.

[00:10:05]
A lot of entrepreneurs right now are online trying to sell their product or service. They're spending a ton of money on paid ads. Be careful about leaking cash through this channel as well. Explore whether you can infuse more organic marketing into your business.

Related episodes:

How to Know if Your Overhead is Too Large
Facebook Ads Strategies that Work with Daria Kotenko
Staying Small on Purpose with Keila Hill-Trawick

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.