In this episode, David looks at one of the biggest reasons businesses fail – a lack of cashflow. A problem that can, on occasion, even lead to profitable companies having to close their doors.

The higher cost of materials and labour coupled with increasing tax take, and downward pressure on what they can charge is leading to more firms experiencing severe cashflow issues. David explains what business owners can do to relieve some of that pressure and have access to the money that is necessary to buy the materials needed to fulfil their next order and keep the lights on.

To explore how to get unstuck on your mission, put your purpose into practice and convert your ideas into impact book a discovery call with David here https://calendly.com/david-peoplewithpurpose/30min

KEY TAKEAWAYS

● Businesses are finding mastering cashflow increasingly difficult.

● Worries about having enough cash available to pay tax bills are widespread.

● Some businesses are afraid to take advantage of things like R&D tax credits because they worry it will trigger a compliance check.

● Being able to create, manage and multiply cash flow through a business is essential.

● Create a cashflow forecast as well as a sales forecast.

● Your cashflow forecast needs to cover a rolling 13 weeks.

● When your business is cash rich take advantage of those periods to invest and get things done.

● Make sure you are clear about what your net profit is and the break-even point for each product or service and its timing.

● Getting paid in advance makes a huge difference to cashflow. David shares several ways to do that.

● Make it easy for customers to pay you.

● Remind customers when payment is due and chase up late payers at an early stage.

BEST MOMENTS

“Cash is a perennial problem…. Everything affects cashflow.”

“When you go through a cash flow challenge you learn so that you can prevent future cash flow problems.”

“I've seen this as a problem in businesses of all shapes and sizes, £100 million business, as well as £100,000 a year turnover business.”

“Make sure that you understand, where the money's moving, but also the timing.”

“Find someone who's good with a spreadsheet and make sure that you know where the movement is in your business. It´s a game-changer.”

EPISODE RESOURCES

https://alexanderclifford.co.uk/blog/hmrc-compliance-check-for-r-and-d-tax-credits

ABOUT THE HOST

David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.

CONTACT METHODS

LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat

Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose

David’s Facebook - https://www.facebook.com/dave.roberts.5076798

Instagram - https://www.instagram.com/davidcroberts_

Email - david@peoplewithpurpose.live

For this episode, David is joined by Jamie Waller, who's an award-winning entrepreneur, an author and dyslexic, who also has ADHD. He's on a mission to share and demonstrate the many benefits that Dyslexia has for individuals, businesses, and the wider world.

Jamie is helping people everywhere to understand that thinking differently actually has a significant upside. It helps you to see solutions others miss.

To explore how to get unstuck on your mission, put your purpose into practice and convert your ideas into impact book a discovery call with David here https://calendly.com/david-peoplewithpurpose/30min

KEY TAKEAWAYS

• 35% of entrepreneurs are dyslexic.

• Dyslexia comes in many forms. It affects people very differently.

• People with dyslexia are curious about everything. That pushes them to explore lots of business ideas and solutions.

• Almost every dyslexic person has a strong hatred of injustice.

• There are downsides to dyslexia and ADHD. It is really easy for a young person with the condition to take wrong turns in their lives.

• You do not need to take the academic path to be hugely successful. Lots of successful entrepreneurs get started by providing services e.g. window cleaners, plumbers etc.

• Take advantage of the help the government and charities offer. The Prince´s Trust is excellent. Take every opportunity to learn.

• Diverse workforces make better decisions.

• People with dyslexia make decisions faster and can do so even when information is limited. They are also less likely to simply follow the herd.

• Having a strong purpose provides great motivation.

BEST MOMENTS

“If you look at all of what people now class as the positive strength of dyslexia. Well, they map identically to the strengths of an explorer.”

“I spend a lot of time speaking to people now about dyslexia and it being a superpower.”

“35% of entrepreneurs are considered to be dyslexic in the US and the UK.”

“I always knew that I could make money. I didn't know what I was going to do, but I knew I would work for myself.”

“I would like to see more businesses think about dyslexic thinking as part of their diversity and inclusion strategy.”

“Your purpose can be very individual.”

EPISODE RESOURCES

https://www.linkedin.com/in/jamie-waller-0b04063

https://jamiewaller.co.uk/

Books - https://www.amazon.co.uk/stores/author/B07DZ1RKTC

https://www.redonline.co.uk/red-women/blogs/a31130149/kelly-hoppen-business-advice

https://www.insights.com/products/insights-discovery

ABOUT THE HOST

David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.

ARTWORK CREDIT

Penny Roberts - https://www.instagram.com/penpennypencils

CONTACT METHODS

LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat

Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose

David’s Facebook - https://www.facebook.com/dave.roberts.5076798

Instagram - https://www.instagram.com/davidcroberts_

Email - david@peoplewithpurpose.live

In this episode, David shares the 7 things you need to do to have a business that is going to scale without you being there. This approach also solves the 3 main problems that most businesses have.

You just have to follow it to end up with a business that has the right beliefs, the right patterns of behaviours and the right skills, which means that you're able to work through the fundamental business challenges.

To explore how to get unstuck on your mission, put your purpose into practice and convert your ideas into impact book a discovery call with David here https://calendly.com/david-peoplewithpurpose/30min

KEY TAKEAWAYS

• Knowing your why, your purpose, and what your business is there to achieve.

• Even if you love your business and love being there you should still build it in a way that ensures it can thrive even if you can´t be there.

• A business that relies on one person being there is weak because if anything happens to that person the business can easily collapse.

• Everyone´s lives evolve. Even someone who is a workaholic can end up not wanting to spend every hour working on their business.

• Work on your presence, and on how you show up. It has a huge impact on how effective a leader you can be.

• Get your proposition right. Package your product or service to appeal to and tempt more buyers.

• Prioritise effectively.

• Driving momentum is vital. David provides several practical ways to do that.

• If everything is focused on immediate-term, short-term income you won't be building any equity value in the business.

BEST MOMENTS

“Many business owners are feeling trapped in their businesses.”

“If things get too hard, the business owner potentially just gets frustrated because… things don't really move forward.”

“You've got to have a clear plan for your business that's easy to understand.”

“Having a mechanism for driving progress in the business that doesn't rely on you being the decision maker all of the time, is a crucial ingredient.”

ABOUT THE HOST

David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.

ARTWORK CREDIT

Penny Roberts - https://www.instagram.com/penpennypencils

CONTACT METHODS

LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat

Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose

David’s Facebook - https://www.facebook.com/dave.roberts.5076798

Instagram - https://www.instagram.com/davidcroberts_

Email - david@peoplewithpurpose.live