If I’ve learned anything in the past decade, it’s that entrepreneurship is a roller coaster. This was confirmed in December of 2017 when I faced a problem that no entrepreneur wants to experience: I almost ran out of cash in my business. At the time, Encircled was experiencing such high growth, especially after the Black Friday/Cyber Monday weekend, and we did not have the cash flow to support it.
So what did I do to remedy this situation and what steps did I take to make sure this wouldn’t happen again? From supplier relationships to building up emergency savings funds, this episode will cover everything you need to know to make sure you are prepared for any cash situation.
On this week’s episode, I’m sharing five lessons I learned from (almost) running out of money in my business.
So get your cash flow statements ready and today, let’s create backup plans for your backup plans.
Have a listen to episode 35 from season 3 of Brave and Boss: The Podcast on iTunes or Soundcloud.
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KEY INSIGHTS FROM THE EPISODE:
- How strong supplier relationships can help you
- Why your cash flow statement is one of the most important financial document
- Why your customer acquisition cost (CAC) matters
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