The Personal MBA
Problem-solving
Manage your business' cash flow
from The Personal MBA: Master the Art of Business by Josh Kaufman
How to Apply This
- Calculate the profit. To get the profit, simply subtract the money you spend in your business from the money you make. Express it as a percentage.
- Monitor the revenue. Keep track of the money coming in and out of your business to make sure that the income is higher than the costs.**
- Calculate your target monthly revenue (TMR) Work out the amount of money you need to bring in each month to cover the running costs and make it worth your time.
- Calculate purchasing power. Work out the total amount of liquid assets a business has available.
- Monitor the cash flow. Pay attention to how much purchasing power is available to make sure the business does not run out of money.
- Understand the purpose of business. Profit is important, but it’s not the only thing. Realize that adding too much value will make your offer less attractive and will make customers go away.
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