Consider this: the number one reason why businesses go under is because of cash flow issues (with number two being a lack of access to capital.)
While there are a ton of different kinds of risks that can impact your business, financial health is still the most pressing because of the threat they pose to the health of your business if you don’t get it right.
More often than not—no matter your business model—sales don’t show up consistently on the same day, month after month, even though your personal and business bills do.
That’s why understanding how cash flows in and out of your business—and how to manage that money in both your personal life and business—is a crucial skillset to strengthen as an entrepreneur.
This month, I’m talking about risks, resilience, and the relationship between the two. Last week, I chatted with Jacquette Timmons about identifying financial risks and how to build resilience.
Today, I’m continuing the conversation about money and business with Priya Malani, CEO and Founder of Stash Wealth, a financial planning and investment management firm for HENRYs™ [High Earners, Not Rich Yet].
Dubbed “the Rebel of Wall Street”, Priya’s goal is to change the way young professionals think about money by empowering them to get their financial sh*t together.
Listen to the full episode to hear:
- Money management mistakes that business owners are making
- How to balance your personal and business cash needs
- Strategies for making sure there's always enough cash on hand in your business
- How much of a cash reserve you REALLY need to have to be safe