Do Cash forecasts scare you?
Is it daunting to think about how to build a forecast, let alone keep it updated and relevant?
Here is a tip. Start small. Very small.
Going forward, look at all of your bank accounts every day and journal your cash balance.
That’s it. Purposefully do not allow yourself to do anymore work for the first 10 days of this tiny habit. Let it soak in and reflect upon trends and questions that come to mind.
I have personally found that there is tremendous comfort in simply knowing the balances. I have also figured out that it is a catalyst, with time, to do more work and dive in deeper. The key is to get started.
The best resources I’ve found to help you do this in a framework for busy entrepreneurs are two entrepreneurial accounting books “Simple Numbers, Straight Talk, Big Profits!” by Greg Crabtree and “Profit First!” by Mike Michalowicz. Time invested here is well spent.
And if you need some inspiration to “start small”, I highly recommend the book “Tiny Habits” by BJ Fogg.
What are your views on making cash management easier? Share your thoughts in the comments or ping me directly at: patrick (@) hillcapitalcorp.com