Good cash flow is the straw that stirs the drink. But it's a lot easier said than done, right? Join Tom as he shares some helpful insights on ways that you can improve your cash flow and be profitable regardless of whether you're in a recession or not.
Conversation Highlights:
[00:00] - Intro
[02:28] - Improving your cash flow during a recession
[03:28] - Reasons why cash flow is crucial to your success
[10:26] - Pay attention to your contract terms for improving cash flow
[11:47] - Consider early pay discounts
[12:59] - Pay your bills as late as you can
[14:02] - Send invoice right after the project is done
[14:29] - Keep track of your obligations daily
[15:34] - Increase your rates
[16:06] - Upsell your service
[16:48] - Have a weekly money meeting
[18:40] - There are no days off for a small business owner
Resources:
== FOUNDATIONS ==
Are you pricing your work correctly? Check out the Contractor Fight Foundations Program - The basics of business for contractors who are struggling to make ends meet: https://thecontractorfight.com/foundations/
== Join us in BATTLEGROUND ==
Everything your contracting business needs in one comprehensive program with three main focus areas: Leadership, Communication, and Numbers. For more info, check out: https://TheContractorFight.com/Battleground
==Are you struggling to build your business or starting your first business and need help? Check out our foundation course. Everything you need to know about starting a business and what to do. Go grab it at https://thecontractorfight.com/foundations/
== Get your questions answered and connect with other contractors building stronger businesses in The Contractor Fight: https://thecontractorfight.com/facebook
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https://gear.thecontractorfight.com/
== Find Us on Social Media ==
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