071: How to Master Cash Predictions Through Budgets

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Most small businesses fail because they no longer have the cash to continue. And if you're growing a business, you've got to keep everybody on the same page and have the tools in place to drive extreme clarity.  

In this episode, we're going to talk about how to master cash predictions through budgets. As a business owner, you have to get good at predicting. By putting the right systems and processes in place, you’re able to make more accurate and faster predictions, especially that predicting cash through a budget could be painful the very first time you do it.

We have been doing the Entrepreneurial Operating System (EOS) for more than 18 months now and we're six quarters in. EOS is a powerful operating system based on the book “Traction” by Gino Wickman. It talks about five leadership abilities in growing an organization, and one of them is getting really good at predicting – be it in finance, cash flow, and even with tax. Although you never know what will happen until you get there, you have to predict, at least, based on some assumptions that will drive and create value in your organization. 

Through the power of the EOS and how it has helped us evolve as leaders and owners, we now understand that the greatest skill and value we can bring to our organization is the fruit of predicting well. Predicting is the way to drive and create value in your organization – and your finances are no exception. 

In this episode, you will hear:

  • Why predicting is important in your organization
  • Creating containers for financial success based on parameters or prediction
  • The volatility of predicting sales
  • The biggest lesson of collaboration
  • The power of intentionality and focus
  • Mastering predictions through budgeting

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Supporting Resources:

Traction by Gino Wickman

https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837

 

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

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