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VIDEO 3 Tips to Managing Cash Flow In Your Business | James Blackwell
cash flow là gì
Cash flow is king!
In this video, I wanted to share my tips on managing cash flow in your business. Money is oxygen, and without, businesses simply can’t survive.
What are your top tips for managing cash flow? Drop them in the comments below!
So three tips for managing cashflow in your business. So what I’ve learned over the past four years when I’ve been in my business and grown Ronald James as an agency, cashflow, cash is always king as a lot of different mentors have told me. And I think the key things to managing cashflow is checking your bank every day. I check my bank religiously in terms of invoices coming in, money going out. Having a way to manage. So we use Xero to manage all of our invoices and receipts coupled with ReceiptBank. So that’s probably a cool way to do that.
Trying not to over commit to long-term contracts, which is a big thing. So for me, when I started the business, I would do everything monthly subscription. So whether it was technology, tools, or hacks, you might save 20% if you sign up for 12 months and pay bulk upfront. But I’ll protect my cash. And I would draw the pay monthly and pay 20% more because sometimes some of the tools or some of the subscriptions I might not use for 12 months and I’d rather not pay out. For example, one might be £1,000 for the year or it might be £100 a month, so £1200 over the year. I’d probably rather pay the £100 a month initially, particularly when I want to protect cashflow rather than pay the full amount upfront. So that would be my second one.
And I’m fully, I know exactly what goes in and out. So I don’t give any credit card or any expenses go to anyone else in the business, but myself. So I authorize everything. But as the business scales past 20 heads, our office manager normally looks after that type of stuff. But I think one of our ethos is number five, if you can zoom in on that after the video would be lean and frugal.
Constraints breed resourcefulness. So do more with less is one of our principles in the business, doing more with less. Even though we’re scaling and hopefully reaching £10 million within the next two to three years, it’s very important that we have the mindset still of a startup. And that’s one of the key things, is doing more with less. So can we be without that?
I’ve been guilty as well. I’ve splashed out now. Everyone gets a brand new MacBook at the start of the business. It started off at the start. For cashflow I would buy the MacBook off eBay. So I pay £300, £400 pounds for a MacBook. So a three year old MacBook. And then now, as we’ve got bigger, it’s worked on slightly cheaper. Actually we rent the MacBook. So we do a lease hire for over three years. So it’s fully under warranty. It’s brand new MacBook and repair I think £40-ish a month per MacBook. So it means the cash outlay initially is cheaper, but over the long run we pay more, but it protects the cash so then we invest that cash in growth, which for us is headcount. So that’s probably another tip is to lease more eventually, have monthly subscriptions as opposed to paying upfront, checking your bank and using Xero every day. So those are my top three tips on watching your cashflow.
ABOUT JAMES BLACKWELL
James Blackwell is an entrepreneur from Newcastle, United Kingdom and owns a successful 7 Figure Recruitment Agency serving the UK and US markets.
James started his first business a coffee shop at 21 years old he then went onto selling cars for a living at BMW. He then started his career as a Recruiter at age 25 working as a Recruitment Consultant at a leading international recruitment business, he progressed there for 5 years to a Manager. He then started his own agency Ronald James (www.ronaldjamesgroup.com)
Today James’s recruitment business has grown from a one man operation to a $2million dollar agency with 13 employees and a highly profitable self managing company. Today Ronald James has grown from a scrappy kitchen startup to the market leader in Digital and Technology recruitments with almost 1000 successful placements and over 120 clients mainly retained and exclusive.
Through his journey of failure and success James has learned many things and believes that none of his success was due to “good luck” but rather an understanding of a few key fundamentals and believes that his success is fully replicable.
James’s story is unique and his advice to other recruitment entrepreneurs is clear and practical. James now is providing mentorship and an online program to help other recruiters start and grow an agency to 6-7 figures.
see more at https://www.entrepreneurjames.com/
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