Shishir Khadka

Poor cash flow management destroys more companies than all other causes combined.

IN FOCUS

Shishir Khadka

Cash Flow Supermarket

In March 2020, I helplessly watched small businesses folding around me who hadn’t looked after their cash flow. They had no savings, no financial backup and no time during the global emergency to change it. All of my clients were thriving, but I felt so helpless watching thousands of other small businesses failing because they didn’t have access to the strategies I had taught my clients who succeeded throughout the pandemic.

I don’t ever want to watch that happen to anyone else, so I am now dedicating my business to helping small businesses create cash flow confidence and control.

Witnessing the failures and successes is why The Cash Flow Hub was born. It is the world’s most comprehensive cash flow resource hub for business owners and entrepreneurs, who want to have cash flow clarity, control and confidence, to ensure financial stability, a security blanket and financial peace of mind.

While creating The Cash Flow Hub, I came across so many cash flow related stats, which were surprising and worrying. One of the most crucial stats relates to business failure. There are many reasons why businesses fail. We could come up with a long list, but did you know poor cash flow management destroys more companies than all other causes combined? In fact, according to score.org, 82% of businesses fail because of poor management of cash flow, not because of lack of sales. This failing is despite these businesses having access to their accountants and business coaches.

Indeed, there is a big problem, and we are on a mission to change that.

Can you imagine a place where you can find information on building a solid cash flow foundation and focus on cash-generating activities to create consistent positive cash flow for free? Consider it as the Cash Flow Supermarket. You can find anything and everything about cash flow so that you have a better chance of avoiding the cash flow rollercoaster, surviving when times are tough and thriving when times are good.

Visit the world’s most comprehensive cash flow resource hub: www.shishirkhadka.com/introducing-the-cashflow-hub/

THE INSPIRATIONAL VOICE

Peace Mitchell

Peace Mitchell is the co-founder of The Women’s Business School, AusMumpreneur & Women Changing the World Press. She is an international keynote speaker and TEDx speaker. Peace is passionate about supporting women to reach their full potential and committed to invest in the power of women to change the world.

When my sister Katy and I first started our business, I believed that we had to work long hours and we had to be ‘busy’ to be successful. I believed the harder we worked, the more successful our business would be.

I thought that good customer service meant replying to emails and social media messages instantly, even if they came through at 10 o’clock at night or on weekends. I believed that we had to be constantly checking and updating social media. The signs of burnout came quickly in that first year of business.

I started resenting the business and questioning what the point of it was. I’d lost sight of why I’d started. It felt like the harder I worked, the more resentful I became and the more resentful I became, the more customers stopped coming as they picked up on my energy. I was working harder, but achieving less.

I knew in my heart that work would always be there, but that life wouldn’t. I also knew that if things were going to change, it was up to me to make the changes; to prioritise my life and family and stop letting my business run me into the ground, taking me away from my family. I also realised that if I didn’t start controlling the business, the business would keep controlling me. When I look back now, I see that the business was taking me away from my children, my husband, my friends and my physical and mental health. It was like a toxic relationship, one that I kept going back to but didn’t know how to escape from.

I wanted my business to be my friend and support the life that I was dreaming of.

I wanted my business to help me be a loving mother, a healthier person, a happier wife, and a better friend. I realised it wasn’t just about the money.

I kept working on the business but I also stayed focused on my personal goals. They were hard habits to break.

I’ll be honest, my life isn’t perfect; sometimes there are still dishes on the sink, and washing to fold and sometimes I do have to work a little on a weekend. But I always remind myself of how I want my life to look and the person I want to be. You can change your life too.

Here are some of the secrets to how my sister and I changed our lives, from one of chaos, resentment and depression, to one of order, fulfilment and happiness.

I wanted my business to be my friend and support the life that I was dreaming of.

FIND CLARITY Get clear on your personal and business goals. Think about what kind of life you want to live; only you can decide how it will be. I’ve learnt that you have to choose, and you have to be in control, otherwise the business will control you. I discovered that I could work exactly as much or as little as I wanted to and the business would still be there. It’s all about planning, prioritising and structuring your business to support your goals.

BUSINESS EDIT My business was controlling my life so I took a step back and looked at why there was always so much to do! The key is to really think about the return on investment:

1. Identify what is the most important thing in your business and make it your priority 2. Delegate, automate, scale back, shelve or eliminate everything else

Identifying the priority was easy, but we found delegating, scaling back, cutting and shelving really hard. Thinking about the 80/20 rule really helped.

ASK FOR HELP No one expects you to do everything by yourself, so why should you expect it of yourself? Finding the right people to work with in your business can take time, but it’s worth it. Outsourcing work is the best way to grow your business. Whom do you have around you who can help support you?

BATCH AND AUTOMATE For the tasks that you need to complete yourself, batching is an excellent strategy. Batching involves working on similar jobs together rather than doing them sporadically throughout the day or the week. Similarly, scheduling allows you to batch activities, such as blog posts or social media. It’s a great time saver as social media can be a drain on time and productivity.

Automating is a huge time saver too. Setting up automated systems and processes can take time initially but will save you hours in the long run.

MAKE TIME FOR YOURSELF When you feel better, your business does better. It’s contagious and people want to be around you. The best thing I ever did for my business was join the gym and become fit and healthy. Looking after yourself is also about finding time to do things that you enjoy. Reading a book, having a cup of tea, watching your favourite TV show, art, cooking, crafts, catching up with friends; these are all little things you can do to nourish your well-being.

And finally… Changing your life is possible. It starts with you taking that first step to recognise what you want your life to be and then having the courage and the confidence to make it so.