Firm for the Culture | What To Do When Cash Ain’t “Cashing”
Be Blessed & Balance Your Sh[ee]t
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The doors of the church firm are open.
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What are #ChurchAnnouncements?
noun.
Definition: A moment in a worship gathering where events, “need to know” information, and opportunities to connect & engage are officially announced.
Synonyms:
- The church “tea” (but not the messy kind)
- That insider info (but not the illegal kind)
- The plug
This week, we’re going to talk about finances.
While it may not always be the most comfortable thing to discuss, cash, inevitably is the lifeblood of any business.
It’s the very resource that keeps things moving.
Without it, it is very difficult to maintain operations, make payroll, or maintain a leveraged financial position with vendors, suppliers, or other businesses.
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If you’re like me, the nerves are acting up right about now.
But that’s okay.
Remember, we too are entrepreneurs.
And we take the lessons learned to pour into our community and clients:
In fact, my team and I just had a chat last week with several of our clients about creative ways to maintain and increase cash flow, and I wanted to share a few tips here:
A. Review your financials regularly
What’s your “one number”? In other words, what’s the total of all of your monthly expenses? This includes payroll, owner draws, and SaaS platform subscription payments. Knowing this “one number” will help you determine the minimum revenue you’ll need to bring in so you can at least break even.
B. Review your inventory for cash conversion opportunities
If you’re a goods-based business, look at the inventory your business currently holds. Is there any way you can move the goods and convert them into cash? Perhaps a fire sale? Knowing what inventory you have will help you access what you can monetize.
COGS = cost of goods sold. You’ll want to assess the money you spend to make money in your business.
So how much does it cost you to provide goods or services to others? Knowing this number may help you be more efficient in your service offerings.
Another way to increase cash flow?
Now, you know I had to drop a trademark gem in the mix.
It’s true, Trademarks can increase your cash flow if created and managed strategically.
How?
Well, Trademarks, like a car, house, or other tangible asset, are property.
And when you own property, you can monetize it.
Interested in learning how trademark can make you cash and save you dinero come tax time?
Grab a Snippet to Our Trademarks & Taxes Workshop Here
And if you become our Client, we’ll throw this and other courses in your inbox, all of which will have your cash flow jumping for joy.
Curious about ways to monetize your brand, even before you build your brand?
We can help you out with that.
Come join Firm for the Culture on April 13, 2023 as we host a Trademark Ask Me Anything Session Called: What To Do Before You Brand.
If you have any of these questions:
- What types of brands CANNOT be trademarked?
-Someone filed a trademark with my brand; what can I do?
-How do I monetize my brand?
- How do I make sure I can market my brand without getting sued?
Then this workshop is for you, and for free 99 for a limited time.
Register here: Thursday, April 13 at 10:30 a.m. PST | 1:30 p.m. EST
And #ThatsAWrap
The Doors of the Church Firm Are Open
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Want to monetize your brand through Trademark protection?
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Thanks for reading.
See you next time.
#ForTheCulture