This episode is brought to you by The School of Less Effort. A pay monthly coaching membership for service-based women entrepreneurs who want to work less, make more, and live a wildly fulfilled life. The doors to the School open soon so get yourself on the waitlist for early enrolment and waitlist only bonuses!
Welcome to the fifth episode of our five-part series that focuses on the essential systems every service-based entrepreneur requires to achieve a successful business.
Today, we'll be discussing your Cash System, which is crucial for your business's success. We'll be sharing why this system is essential, what it entails, and most importantly, how to create it for your business.
Our 5 part series starts in episode 73 of this podcast. Be sure to binge from the start so you know how each system integrates with the next.
Here’s a quick recap of the four systems we are covering in this 5 part episode series:
Attraction/ Visibility System
A Cash System is all the tools and processes you use to manage the money in your business.
Having a cash system is crucial because it will help you to manage your finances, make informed decisions, and avoid cash flow problems that could jeopardise your business's survival.
Here is a recap of the components of your Cash System discussed during the episode:
Your business financial goals and the plan of action you are going to take to make that goal a reality.
The services you will offer to reach those financial goals as well as how much you will charge and whether you will offer payment plans.
How and when you invoice your clients as well as tracking payments and following up if clients are late on paying their invoices.
How you process payments (that is receive cash). This could be via an EFT, or automated payment processors like Stripe, Paypal, or Pay fast.
Your accounting system or software you use to capture transactions, bills, and invoices.
Your business’ monthly, quarterly, or annual budget.
I recommend reading the book Profit First by Mike Michalowicz. I have found it super helpful in taking control over my business finances.
Join us in The School of Less Effort as a founding member and let’s work together to implement these four essential systems into your business so that you can work more efficiently as an entrepreneur, increase your income, and live a fuller, more fulfilled life.
Doors open end of March, you can join the waitlist here.
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