🎙 Dr. Steve Day shares his personal experiences and financial principles for small business owners to master business cash flow management.

He discusses the importance of having a suitable accountant and bookkeeper, setting up a simple cash flow spreadsheet, and creating separate bank accounts for different financial purposes. Furthermore, Steve emphasises the significance of having a cash reserve, managing periodic costs, and making provisions for taxes and VAT.

Additionally, he highlights how business owners can make better financial decisions, reduce stress, and ensure financial stability by implementing these strategies.

KEY TAKEAWAYS

💡 Staying cash flow positive is essential for small business owners to avoid financial surprises and, consequently, ensure financial stability.

💡 Hiring a suitable accountant and bookkeeper can save time and provide valuable financial advice.

💡 Creating a simple cash flow spreadsheet helps project future finances and make informed business decisions.

💡 Setting up separate bank accounts for different purposes, such as operating expenses, tax, cash reserve, and personal income, can help manage finances effectively.

💡 Building a cash reserve and making provisions for periodic costs can provide a financial cushion and, therefore, reduce stress in business operations.

BEST MOMENTS

00:00 - 💬 “Staying cash flow positive is an absolutely essential skill for all small business owners.”

04:46 - 💬 “Having some simple financial strategies in place with the right people at the right level for where you're at with your business can make the difference.”

25:09 - 💬 “Creating a spreadsheet just in a simple way for the general regular income and expenditure, plus those ad hoc things, as I mentioned, it's super quick and easy to do.”

35:48 - 💬 “Get yourself an accountant based in your country. Consider getting a bookkeeper if you think that having protections going forward is above and beyond a simple cash flow, which is a spreadsheet you can set up yourself.”

TIMESTAMPED OVERVIEW

00:00 Tips for small business owners to manage cash flow effectively.

04:44 Implementing financial strategies for business success and sustainability.

08:48 The Accountant saved money and provided valuable advice.

12:00 Good accounting is crucial until significant profit is achieved.

16:54 Outsourced accounting, lesson learned, time and money saved.

18:52 Outsource bookkeeping to UK-based or virtual assistants.

21:53 Track annual expenses for future financial planning.

28:23 Set up different bank accounts for the organisation.

31:19 Manage taxes and savings for business profits.

34:17 Separate accounts for efficient financial management.

VALUABLE RESOURCES

Website: https://www.systemizeyoursuccess.com

Facebook Group: https://facebook.com/groups/systemsandoutsourcing/

LinkedIn: https://linkedin.com/company/systemsandoutsourcing/

Instagram: https://instagram.com/systems_and_outsourcing/

YouTube: https://youtube.com/@drsteveday42

ABOUT THE HOST

Steve used to be a slave to his business, but moving to Sweden in 2015 forced him to change how he worked. He switched to running his businesses remotely. After totally nailing this concept, he spent his time helping other small business owners do the same. Steve has been investing in property since 2002, has a degree in computing, and worked as a doctor in the NHS before quitting to focus full-time on sharing his systems and outsourcing methodology with the world. He now lives in Sweden and runs his UK-based businesses remotely with the help of his team of Filipino and UK-based Virtual Assistants.

Most business owners feel overwhelmed because they don’t know how to create systems or get the right help.

Our systems and outsourcing Courses and coaching programme will help you automate your business and work effectively with affordable virtual assistants. That way, you will stop feeling overwhelmed and start making more money.