Cash Flow Management For The Independent Stylist
Description
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Hello again and welcome to part three of Business financial literacy for the independent stylists.
In Part one I discussed the importance of picking a legal business structure for your business, in part two, I discussed why it's important for an independent stylist to set up an accounting system. In part three, I discuss cash flow management for the independent stylist.
CASH is the lifeblood of every business. Without cash, your business will eventually fold even if the business shows a profit each month.
One advantage that the beauty industry professional has over other businesses is that we are a cash business and as such, salon owners and independent stylists, generally speaking, do not have to worry about there income statement (profit & loss statement) showing a profit based on Accounts Receivable. This means that most if not all the sales on your income statement is cash that you have already received.
So for independent stylists and other cash businesses, the purpose of managing your cash flow is to always know how much cash you have in reserve before you have to start worrying.
I hope you enjoy this 16-minute video that hits on some of the high notes of cash flow management.
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