Challenge #1: Cash Flow

The first of twelve in our daily conversations about shared small business challenges series here during Into the Jungle, we're tackling a big one: cashflow. 

To take this to the jungle, cash flow for your business is akin to water flow on your jungle expedition. You can't have much of one without the other so it's crucial to prioritize. 

This challenge is one often shared by many small business owners, entrepreneurs and sole proprietors. So, let's talk this real challenge and shared solutions together! 

Tune into the video below then drop your thoughts in this conversation

Please share your thoughts to the following in this forum

  • Have you ever struggled with the challenge of cashflow?
  • What are some of the tactics, strategies or adjustments you made to overcome this challenge?
  • Keep in mind sharing your industry, years or months in business, what specifically was the challenge and what specifically you may have found to overcome! 

Chat on the forums! 

~ Beth

Comments

  • Cashflow challanges are always bothersome. I have been in business for over 10 years. I have never really ran into problems with cashflow. I am suspecting that one day I will.

  • When I was first starting out I had a retail kiosk in a mall, so I was using every penny I had to invest in broadening my inventory. There were definitely points where I was forced to prioritize what I was spending  in order to keep my head above water.. I was in a mall so the rent was the first priority, and from there I had to determine which inventory to replenish first to ensure that my sales could continue to keep pace with my expenses. I am fortunate that I have a frugal mentality so it was easier for me to adapt  and trim my expenses overall to allow me to invest more money into things that were essential.  As time went on in the first few years I continued to grow my sales, and my savings, but I retained the penny-pinching habits that allowed me to build a nest egg of working capital.  I always tell people that you must be prepared to work 12 hours a day for seven days a week if you want your business to succeed. You may not ultimately have to work those long hours, but if money is tight, you will need to trim your labor costs in order to survive, and as the owner of the business you will be the one picking up those shifts.  It cannot be stressed enough that you need to develop habits of saving money as it comes in. You must build up a nest egg to have as a rainy day fund, because it is going to rain and the nest egg will be your life raft to keep you afloat until the storm subsides.