Cashflow Strategies

04/05/22 • 53 min

On this episode of Get To The Contest Small Business Podcast, we talk to Stuart Balloch, Payment Specialist at GoCardless. We talked about cashflow solutions and how it important it is to be paid on time especially for small business owners.
Here are some key takeaways from our conversation:
1. Be transparent up front
Transparency is key to making sure that the cashflow is organised and understood clearly. Right off the bat, get clear on how payments will be made, when payments are due and all related concerns in relation to payments. It is important to be transparent and upfront in doing business to avoid surprises in the long run.
2. Get rid of the friction
Make it easy to do business with you. A seamless experience in payments and invoicing makes less opportunity for problems.
3. There is cost to not managing your cash flow well
Chasing debtors is expensive. A poor cash position can then eventually turn to missed opportunities. Take a proactive approach & don;t allow customers to cost you money.
4. Be open to change
There is always a better way to do things. Open your mind to new technology and making an effort to learn and find ways to constantly improve—may it be in your cashflow system or even in managing your team. If a new system or technology can create a more efficient and effective way of doing things, it is worth looking into.
Get in touch with Stuart Balloch through LinkedIn -- https://www.linkedin.com/in/stuart-balloch/
Have any questions for us? Reach Warwick Jackson through [email protected] or follow our Facebook account and visit Get To The Contest website for more.

Previous Episode

Team Engagement and Why it is Important for your Business

In this latest episode of the podcast, we talk to Brett White, founder of Be Leaders and author of Shift Happens – 10 Effective Thinking Skills and The Lacuna Effect. He is accredited in Life Coaching, Thought Dynamics and Organisational Leadership, having worked with over 50 organisations and 350 leaders and influencers. We are glad to have him with us to talk about team engagement and why this is important for your business. Here are some key takeaways from this interview:

1.What is employee engagement?

Employee engagement is, simply put, team members and the leadership in the organisation’s love for what they do, enjoying who they do it with, and doing it well. It seems simple but if those things aren’t happening in your team, there’s limited chance in doing their job effectively and successfully. It is important that team engagement isn't just an add-on and an afterthought in your business, but it comes from within and becomes part of who you are and who your organisation is.

2.Employee engagement at an all time low

Brett talked about statistics out in the latest Gallup research that the employee engagement in Australia is currently at an all-time low of 20%-- which means only 20% of the team are actively engaged or fully engaged, while some are partially engaged and worse, disengaged. This data has an impact to your business and should be assessed in your own organisation.

3.Develop a culture of communication

A connection with people that you're working with builds trust in the organisation. Once this is established, you will be assured that your people are going to help you and are doing their jobs for the right reasons, which also links to contribution. What is the purpose of the organisation? You're not just out there doing things for a dollar then why are we here and what problems are we solving?

4.Create a culture of appreciation

In our conversation, we also touched on appreciation, a really important topic which centres on being valued, heard and acknowledged. Build this culture within your organisation and it will help in your relationships with your employees.

5.Employees want the opportunity to grow

If you want to grow, you want to be a part of an organisation that you believe gives you that opportunity to grow. Otherwise, you're going to be stagnant and eventually you're not going to be the best version of you.

All these factors in employee engagement boils down to strong leadership and leaders that believe that these are important. To know more and if you are interested in Brett’s work, visit the Be Leaders website www.beleaders.com.au or email him at [email protected]

Have any questions for us? Reach Warwick Jackson through [email protected] or follow our Facebook account and visit Get To The Contest website for more.

Next Episode

Money Saving Life Hacks – Lessons Learned from Iso

Uncertainty has been the common theme of our lives for the past two years. With lockdowns and Covid restrictions in constant play even today, we are often stuck at home pondering on nothing. Now that home isolation or sudden lockdowns are part of the norm post-pandemic, our host Warwick Jackson gives nuggets of advice on how to make the most out of your time if in case of mandated quarantine or isolation. Use this time to set your eyes on important matters that you often take for granted– such as your finances. Listen in and enjoy this episode.

Hot tips outline

Look into your finances – will, guardianship, POA, etc.
Review your super and plug in your balance.
Book-in your non-urgent medical check-ups.
Contact your house and car insurance.
Review your recurring subscriptions.
Clean up your mailbox– start with unsubscribing from spam emails
Learn to use online shopping.
Tidy up the cupboard.
Review your loans.
If you own a business, apply for the small business fees and charges rebate.

Have any questions for us? Reach Warwick Jackson through [email protected] or follow our Facebook account and visit Get To The Contest website for more.