Cash flow is the infamous buzz phrase you will hear when you walk through the corridors of any fully functioning business and finance department. Its use has gained even more traction since COVID-19 as many business owners and entrepreneurs rethink their models.
Hosted by Andile Khumalo, Founder of I AM AN ENTREPRENEUR, seasoned experts in the field of business shared their knowledge and experiences to give the over 250 attendees a better understanding of cash flow and practical solutions to implement in their businesses.
A key lesson of the day was understanding that cash flow is not a complex concept that only accountants can get. Simply put, it is about the money coming into your business and the money going out and how you strike a balance between generating income so there is cash in the bank and settling payments to your suppliers and all the inputs that keep your business going, such as rent and employee salaries.
Pavlo shared fantastic advice on why cash flow should supersede profits, in terms of importance, and ways to prevent the bleed of cash. FNB’s Andiswa tackled how to manage cash flow during a crisis, and lastly Lynette was in conversation with Andile about her experiences with cash and building a business from the bottom, up.