As Aaron Stokes says, cash flow is the lifeblood of any business. Properly managing the cash in your shop and building a reserve is key to giving your operations some room for error.
As Aaron Stokes says, cash flow is the lifeblood of any business. Properly managing the cash in your shop and building a reserve is key to giving your operations some room for error.
When managing your cash flow, Stokes says that discipline and emotional management is key, especially if you’re a newer shop owner. He goes over the keys for a shop owner to manage his or her back office operations, and get the rest of the team on board with the plan.
Here's a timeline of the episode:
0:56: The importance of cash flow
2:15: Difference between cash flow and a profit and loss statement
8:40: How to keep track of cash flow and accrual
13:08: Getting your team on board with the system
15:58 The importance of being disciplined with your cash
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