LIGHT SNACKS WILL BE PROVIDED!
Managing the cash flows of your business can be hard. This is why thousands of small companies run into cash shortages every year, even when they are profitable. But it does not always need to be so complicated. Armed with a little bit of knowledge about what drives changes in your cash balances you can make your company more resilient and successful. This workshop is a step-by-step guide to owning your company’s cash cycle.
This workshop will help you rule your cash flows. The workshop will discuss common cash management issues faced by small businesses, such as unpredictability of payments, lack of credit, and inventory costs. We will talk about why your revenues don’t always translate into cash and why having a cash reserve can be so important. We will also discuss some of the technologies available to small businesses that could minimize the hassle of cash management, from QuickBooks to artificial intelligence.
The five steps to successful cash management discussed in the workshop are:
1. Organize your data.
2. Understand seasonality.
3. Learn about cash conversion and working capital.
4. Determine what kind of credit is right for you.
5. Protect yourself with a cash reserve.
At the end of the workshop you will be able to accurately assess your cash position and determine what drives the ups and downs in your cash cycle. You will also get a checklist of tips and tricks that will help you improve your company’s cash flows.
Presenter: Dmitry Zhdankin has been serving the local Boston community to assess cash flows at small businesses as diverse as construction companies, warehouses, and even gelato makers. He is the CEO of Finfox, a company that provides small business owners with peace of mind by automating their cash reserve management. Dmitry is also an MBA student at Harvard Business School in his final year of coursework.