Imagine this: It’s Monday morning, and you are leaving the house for the office. You open your car door, slide into the seat, fasten your seatbelt and start the engine. Your muscle memory takes hold of the gearshift and puts the car in reverse. As you glance down to make sure you are in Reverse and not Drive or Neutral, you suddenly notice there are no letters of P, D, R or N next to the gearshift. You then look at your middle console where you control your radio and air conditioner and see it’s completely black. Your eyes scan to the left and the dashboard above your steering column is also black. You realize you have no working dashboard.
You then begin to question the safety of driving your car to the office. You realize if you do decide to drive, you’ll have no indication if you are in reverse or drive until your car starts moving, you won’t know if you need fuel, and you won’t know if you are violating the speed limit laws. Should you stay home? Should you get the dashboard working again? Or should you risk it and drive to the office?
You might risk it and chance the short drive to the office. But once you’ve arrived at the office, I bet you’ll be putting a plan into place to get your car to the mechanic. You would never drive your car more than a few days with no dashboard.
But many business owners run their businesses week after week, month after month and year after year with no cash flow dashboard or indicators.
The 30-Day Cash Flow Dashboard Challenge is designed to help you break the bad habit of running your business without knowledge of your cash flow for the week. If you are always short on cash, you may argue that this exercise doesn’t help bring in more cash. Or, if you always have enough cash, you may argue that you don’t need this. I disagree!
You will manage cash more effectively if you know and work with actual numbers. If you think you already know your numbers “in your head,” then prove yourself right with this challenge. However, I bet you’ll get some surprises. Even if you know your numbers, you can’t make strategic cash flow decisions if you don’t work with and crunch the cash flow numbers each week. Oftentimes, opportunities to increase or leverage cash flow happen in windows that are only a few days or a week long.
For the next 5 Mondays, complete the Weekly Cash Flow Dashboard. The Dashboard is an Excel spreadsheet free and complimentary to all readers of this blog post (see link and discount code below). Complete your Dashboard every Monday morning, making it the VERY FIRST BUSINESS TASK YOU DO that day.
Watch the video above for a quick demo on how the Dashboard works. Make sure to skip to minute 2:40 in the video to see the BUILDER Dashboard, as this is the worksheet you’ll use in the challenge.
You are also welcome to join me every Monday morning in a Zoom online meeting where I will be completing my actual business Dashboard and sharing my screen. Other business owners may also be in our meeting as we complete our Dashboards together. I can answer any questions you have about the Dashboard or about cash flow in general. There are two sessions for your convenience, one at 7 am EST and another at 9 am EST. I’ll email you the Zoom meeting credentials and password each week.
Let’s do this!