Vital Business Cashflow Management with Matt Malouf Want the transcript? Download it here. In this episode, Barbara Turley is joined by her co-host Matt Malouf to talk about How to Manage Cash Flow in a Crisis and Lead your Business to Survival and come out Strong. Some of the key points include: What is cash flow analysis and how it is done How to survive in this crisis The difference between a Bookkeeper, an Accountant, and a CFO The importance of numbers/data in your business Let us know what your key takeout has been from this episode and join the continuing conversation over in the Virtual Success Facebook Group. In this episode: 02:06 Cashflow Analysis and Forecasting 05:48 How to help business owners with their Cash flow statements 08:48 Reacting vs Responding 10:57 Importance of Cashflow analysis during this crisis 18:39 90daycashflow.com 22:03 Accountant vs CFO 26:56 Importance of numbers in the business 28:06 Wrapping things up Intro: Do you find yourself running out of time to accomplish your work, are you spending time doing things that you’re not that good at? There are effective ways to outsource these tasks so you can focus on your business. This is the Virtual Success Show, we bring the inside scoop on outsourcing success for entrepreneurs by entrepreneurs. And now, here are your hosts Matt Malouf and Barbara Turley. Barbara Turley: Hey, everyone, and welcome back to another episode of the Virtual Success Show where I'm finally rejoined again, I've managed to coax my co-host, Matt Malouf, back to join me on this show. I'm your co-host, Barbara Turley. Matt, thanks for coming back and joining us on the show again, Matt Malouf: No worries and yeah. So sorry, I haven't been, I've been so proud of all the episodes you've been doing and we should've been on there. It's just been one of those crazy times at the moment. Barbara Turley: Absolutely. I know if, we're you know, as we're recording this today. We're sort of right in the middle of this Coronavirus situation that's going on. But it's a very interesting time for the show Matt. And you know, the concept of remote working and virtual teams. And we've actually seen a massive uplift in people interested in actually the podcast. And the stuff we've been talking about for the last three years on this podcast has all of a sudden become even more important than ever before. So what I wanted to talk to, I'm getting Matt back on the show specifically to talk today about cash flow. It's not really a virtual team kind of topic, but it's important in the environment that we're in right now. And Matt, you've been out talking a lot about cash burn, cash flow forecasting, managing your cash and being lean in this environment, but not so lean that you can't come out strong. So I want to dig into this topic with you. First of all, let's start with talking about cash flow analysis and forecasting and watching your cash. Can you start at the beginning and talk to us about what do we actually do to do that? Because lots of us don't even know how to do that. Cashflow Analysis and Forecasting Matt Malouf: Let me start with I think the importance around cash flow is that it's more than just looking at your bank account. And I was, I did a presentation this morning. I think one of the biggest mistakes so many smaller, medium business owners make is their key report that they rely on in their business is an ATM receipt, to tell them what's going on in their business. And the reality is that cash in your business is like oxygen to a human, where you can only last a very short period of time without oxygen and in a business can only last a very short period of time without cash. And so, in normal practices, in normal and I'm using very common, as in normal times, we should be managing our cash flow. What does that mean, that means we should be predicting based on our leads and conversion, cash coming in.
