Smart Money Management

Keeping the Cash Flowing: Top Tips for Business Money Management


Cash flow is always top of mind for small business owners, but sometimes, financial problems seem to materialize overnight. This often happens when owners don’t monitor cash flow property, and therefore, don’t always recognize there’s an issue until it’s too late. Advanced planning and appropriate tracking tools can help position you for a healthy financial outlook, and Keetria offers the following guidance on making it work for you.

Watch Your Numbers

Cash flow can vary from one season to another, and there are myriad factors that can influence the amount of revenue that comes through your business. Tracking your income and your accounts payable will help you identify trends, in addition to helping you monitor overall finances — both practices that will keep you aware of and in control of your company’s finances. According to the Prince’s Trust, this starts with smart business planning, utilizing the right software tools to track cash flow, and making the commitment to regularly review your books to ensure you know where you stand.

Use the Right Software

There are numerous moving parts in a small business budget, so find a software program that will help you monitor trends, as well as segment categories and set benchmarks with which to measure your finances. Being able to recognize at a glance the various income categories in your business will help you spot red flags as soon as they arise and allow you to take proactive steps to mitigate the damage. This process will also help you with short and long-term planning, as well as identifying products or services that sell well versus those that underperform. This type of strategic planning can pay big dividends down the line.

Mind Your Money …

Of course, part of tracking your money also involves having a degree of fiduciary responsibility. Make calculated purchasing choices based on market research, consumer demand, and by assessing your own finances. Regularly review pricing structures and inventory and revisit vendor and supplier contracts on a regular basis to ensure you’re getting the best deals. While it’s wise to invest in staff members who will help build your business, it’s smart to look for redundancy in roles so you can ensure you aren’t filling positions you don’t really need. Sometimes contractors and freelancers can take the place of full-time employees.

… But Mind it Carefully

While a common inclination is to slash your budget to ribbons, this can backfire. Items that usually end up on the chopping block include deeply reducing your marketing budget or hitting pause on employee development. In dire circumstances, these might make sense, but avoid measures that could ultimately hurt your bottom line. Instead, look for ways to mindfully reduce costs.

For example, instead of seeking an outsider to find solutions to business issues, turn to your staff instead to find a path forward. This creates more buy-in and can even increase morale if a collaborative effort improves processes. When it comes to marketing, ask your team to explore more cost-effective processes like tapping into the free aspects of social media or even the less expensive paid social media. Your team can even take advantage of free tools like an Instagram post generator. Rather than forking over cash for a graphic designer, your staff can create captivating posts that are polished and professional in a matter of minutes.

Follow-Up on Accounts

Small business owners often have personal relationships with their customers, which can make it uncomfortable if there are outstanding invoices you need to collect. Make sure your bills all spell out your terms and conditions and make it easy for customers to pay you by giving them multiple options — electronic, debit, check, cash, or bank transfer. If payments are slow, let customers know you understand their dilemma, but reiterate your company policy and, if necessary, utilize a collection agency to intervene on your behalf. You may be able to salvage the relationship and still get paid, all by removing yourself from the transaction.

Make Regular Audits

Once you have your cash flow monitoring well in hand and your budget shored up, you can devote time to segmenting your various revenue streams and looking for ways to grow your business. Regular audits can help you make educated decisions about how well your business is performing, where you’re losing money, or spending too much. Operational decisions can be made from this knowledge — like expanding the business, or alternatively, downsizing, or going strictly online. Staying ahead of the cash curve will help ensure that all of the business decisions you make are informed ones.

Small businesses often operate on a shoestring budget, making financial monitoring all the more important. Maintaining good standing with creditors and suppliers and not allowing yourself to become over-leveraged will keep you on the right path to long-term business success.

Need help kickstarting your startup idea or getting media exposure for your brand?
Feel free to reach out for a free 20-minute consultation where we can chat about your business and how I can help! To schedule your time: 

Keetria is an entrepreneur, wellness advocate, and brand strategy coach for creatives & entrepreneurs with 16 years of public relations expertise working with some of the world’s leading brands, startups, media personalities, and entertainers. If you would like to work together, don’t hesitate to reach out!

NEW! SOB Episode: Derick Gant – CFO of Gant Companies & Smart Money Management

CFO of Gant Companies & Smart Money Management Derick Gant visits with SOB to talk about how we can accomplish tasks and achieve goals by being the best that we can be. He also shares his insight on money management. You can connect with Derick on Twitter and Instagram.

Style of Business

-Podcast Show Notes-

Episode  22


In this episode, Keetria interviews Derick Gant, founder and CEO of Smart Money Management, an organization helping people manage their debt and build wealth. Listen as Derick gives SOLID financial and business advice. He explains the importance of living “The 24K Life”—a life that is dedicated to being solid gold physically, mentally, and emotionally to name a few. Being at your peak trickles into all areas of your life and contributes to the success you so desire in life. So, tune-in as Derick describes the importance of physical fitness, what it means to live a balanced life, and some financial tips and tricks that will help you achieve freedom from the shackles of debt.

Time Stamped Show Notes:

  •     Keetria introduces Derick to the show
  •     Derick has been managing money, helping people get out of debt and building wealth for years!
  •     Two kinds of clients seek out Derick for advice:

1. Clients who have a large retirement fund and want optimal returns

              2. The second type are those who need advice with managing their debt, fixing their credit, buying a house and/or retirement planning among other things

When a new client, Derick starts off with a discovery meeting to find out where the client currently is and where he needs to go financially

               o      Primary aim is to help clients manage their debts; debt shackles a client to a terrible way of living

  •     Misconception that rich people do not believe in watching their budgets; they      know exactly how much they have and how much they are spending
  •     Even people who do not have enough money need to be a militant about sticking to their budget; learn to live WITHIN your means

               o      Plan for future purchases and avoid spending all you have in your checking account

  •     Derick explains the philosophy behind “The 24K Life”

               o      Be the BEST version of yourself physically, mentally, emotionally, financially, educationally and spiritually

               o      Maximize your gifts and talent to increase your value in the workplace

               o      If you strive to be 24 karat gold (purest form) in your life, then GREAT things are going to come to you no matter what!

  •     Realize your true potential by taking time to invest in yourself
  •     Nobody is going to hand you a bar of gold; you need to dig out the nuggets
  •     To be financially fit, you need to be physically fit

               o      Your outer world represents your inner world

               o      If you are fit, you are mentally sharper

               o      People judge you by your physical fitness

  •     Strive to be in great physical, mental and financial shape

               o      If you are unbalanced, you’re not going to be happy and productive

  •     Finding a coach is the best way to become physically fit; seeking out like-minded people is another way

               o      Know yourself, and avoid lying to yourself

               o      Invest in a coach or consider buying fitness books

  •     People who are sick of their life and know they deserve better are the ones that turn their life around
  •     You can be physically fit in spite of having a ton of responsibilities; you can do whatever you put your mind to
  •     Weight-loss tip from Derick: do not focus on how much you need to lose, just focus on your next meal
  •     Has a gift of taking complicated information, diluting it down to digestible bites for people to fix their lives

              o      Wants to genuinely help people get to the next level, so that they can help somebody else do the same

  •     Develop a great team of people to propel you on the path of high growth

              o      Invest in building relationships with your banker and accountant

              o      Find mentors who have done what you want to do; people love to talk about themselves, and finding mentors is not as hard as it seems

  •     Know your product inside out; if you don’t believe in your product, no one else is going to
  •     Challenges faced while setting up 24K

               o      Clearly communicating his thoughts to his prospective customers through his content was Derick’s greatest challenge

               o      Keep patience and believe in what you are doing

  •     Derick shares his social media experience

               o      Has solidified value face-to-face with prospects and clients

               o      Has a viewing audience of 25,000 across all mediums

               o      Got a chance to do a local Ted Talk because of his influential social presence

  •     Key components of entrepreneurial success

               o      Make your personal financial life as solid as you possibly can; make it your side-hustle and work it so hard that it becomes your main resource of revenue

               o      Set aside $10,000; the first reason why people fold is because they run out of money. Segregate your personal finances from your business. Make sure that if you use your new business as a second stream of income to get that started, then you will never jeopardize your primary source of income until you can flip your secondary with your primary

  •     “Anything will work if you do. So, roll up your sleeves, whatever it is that you are trying to do, and go to work. And, don’t quit. Don’t let anybody tell you, you can’t get it done”
  •     Connect with Derick on his website, Facebook, Twitter or Instagram
  •     Connect with Keetria through her website or Twitter

3 Key Points:

  1.       You cannot be financially fit without being physically fit; strive to be in great physical, financial and mental shape.
  2.       Make your personal financial life as solid as you possibly can; make it your side-hustle and work it so hard that it becomes your main resource of revenue.
  3.       The first reason why people fold is because they run out of money—segregate your personal finances from your business and work to make your secondary source (the business) your primary source of income.