A Facebook friend recently posted that her husband’s paycheck had bounced … again. The responses from other employee-types were what I would expect them to be:
“That’s so unfair! What is his boss thinking?”
“He apparently thinks it’s a good way to run his business.”
“Guy can’t even keep a checkbook!”
And so on.
My thinking was, of course, much different. My first thought was: I need to send that business owner one of my business cards. He clearly needs The Cash Flow Wizard. My second thought was: They (the employees) really don’t get it. They have no idea of all the stars that have to align for a business owner to make payroll every week. They have no idea of how close to the edge so many business owners are financially. So many business owners are one missed payroll away from disaster.
Now, I am not saying business owners should tell employees how close their businesses are to financial disaster. I don’t think we should, as one friend says, “spook the herd.” In fact, it isn’t the employees’ concern at all. They are trading time for money. That’s the deal. They shouldn’t be worried about making payroll. That’s the business owner’s job.
As business owners, we are where the buck inevitably stops. It doesn’t matter that a customer didn’t send a check when promised. It doesn’t matter that health insurance went up again. It doesn’t matter that we haven’t taken a paycheck since Bill Clinton was President. For the employee, all that matters is this: They traded their time and now they expect their money. Period. End of discussion.
I see so many business owners who don’t have the first idea how to manage money in their businesses. They operate without good financial practices because they don’t know what good financial practices look like. They take the “fly by the seat of your pants” approach to money management, often thinking it’s just the way life is in the rough and tumble world of small business. The result is bounced paychecks, late payments on loans and credit cards, bank fees for nonsufficient funds, and high levels of financial stress.
I’d like to sit down with each and every business owner and show them a better way. The path to financial sanity and stability. Unfortunately, there is just one of me and my wizardry doesn’t include cloning myself. Instead, I created a self-study course to help all those small business owners who are “pantsing it” financially. It’s called “From Chaos to Control.” Or you can call it “Cash Flow Wizard in a Box.” Whatever you call it, just know that there is help available when you’re ready to stop living on the edge of financial disaster.