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Become Sensible
Cash Flow Secrets EVERY Entrepreneur Should Know!
Ep. 24
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When running a business, finding the balance between paying yourself, managing cash flow, and growing the company can feel impossible. What happens when your resources are stretched thin, and you're questioning your next steps? This episode unpacks the struggles and solutions.
On this episode of Become Sensible, Fiona and her co-host dive into the nitty-gritty of early-stage business challenges. Together, they tackle a case study of a product-based entrepreneur facing inventory bottlenecks, funding hurdles, and personal financial strain. We explore essential topics like raising capital, understanding your breakeven point, building relationships, and making strategic moves to keep your business afloat while still managing personal obligations. It's a masterclass in prioritizing what truly matters.
"Running a business is hard, but with the right strategy and mindset, you can build something extraordinary." Tune in to discover how to focus your time and energy where it counts most and embrace the resilience it takes to succeed.
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Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.
Timestamps:
- 0:00 - Introduction and the reality of juggling personal and business finances
- 2:30 - Exploring a case study: the entrepreneur's cash flow and funding challenges
- 5:00 - The importance of inventory management in a product-based business
- 7:00 - Strategies for raising capital: self-funding, angel investors, and venture capital
- 10:30 - Aligning your resources: capital, time, expertise, and relationships
- 15:00 - How to identify your breakeven point and prioritize efficiency
- 18:30 - Balancing quality, customer promises, and business growth
- 20:00 - The concept of balance in business: myth or reality?
- 25:00 - Building resilience: creating recovery moments and sustainable habits
- 30:00 - Practical advice for testing a business idea and knowing when to pivot
- 31:00 - Closing thoughts and listener questions: balancing passion and strategy
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