Prepare for the cash you will need

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In continuing with the theme from yesterday’s blog (click here) here are some ideas on how to prepare for the cash your business may need.  Keep in mind that one of the unique features of a small business is it’s ability to be nimble and change quickly.  Any plan for more than 12 months out could be nothing more than a guidepost in helping steer the overall strategy of a business.  At ground level, cash flow matters and having a plan for the coming business quarter or quarters can relieve pressure.

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What does it mean to have “capital support”

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“Capital support” is a term I use to figure out how a business can access the capital they need to support their activities.  Many businesses owners wouldn’t consider “capital support” an item that they would specifically and intentionally address as they manage their cash flow the best they know how as capital is needed.  Taking some time to consider the sources of capital that your business has access to can help you plan your cash flow and reduce the amount of time and effort spent trying to scramble at the last moment.

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Imagine if banks really understood their value

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I feel stirred having read this article in the National Post yesterday (Scotiabank’s outgoing CEO Rick Waugh: Customers may not like us but they feel comfortable and safe) for several reasons.  The headline certainly grabbed my attention because being proud of customers not liking you but feeling comfortable and safe seems to suggest that our banking system is lacking something that every other business I know desperately needs…an attitude that customers DO like them as well as feeling comfortable with their service.  If you read the article you might note that the outgoing CEO has been with Scotia for more than (yes more than) 40 years.  The incoming CEO has been with Scotia for 30 years.  Hopefully I don’t need to point out the obvious but when you have people that have been in one environment for that long it would be reasonable to conclude that their ability to offer new perspective is significantly hindered by their lack of exposure to other environments and ideas. Continue reading “Imagine if banks really understood their value”

What’s the one thing you believe that no one else does?

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Sarah Lacy of PandoDaily holds fireside chats with various people involved in the tech sector and at the end of each interview asks the question “What is one thing you believe that no one else does?”  This question provides insight into the person being interviewed and also makes for great conversation (see here for the fireside chats).  Given what I do each day and the conversations I have about banks, lenders, debt, cash flow, businesses and people needing money, etc. I thought my answer might make for an interesting blog post. Continue reading “What’s the one thing you believe that no one else does?”