Ep. 022 Interview Series: David Safeer on How to Uncover the Real Problem with Cash Flow Issues
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Summary
David highlights that cash flow issues are generally an emotional issue and require behavioral-based processes to overcome them. He recommends communication as the key to getting the message across and suggests using plain English for easy understanding.
Key insights:
- Managing cash flow is crucial for any business, and it's not just about historical data but also about commercial awareness, sales, marketing, and predicting the future.
- A mindset shift is needed to move from accrual-based accounting reports to cash-based reality.
- Safeer has created a system with six pillars to teach accountants how to help their clients with cash flow problems. The first pillar is mindset, which is the most critical issue.
- Bookkeeping is essential for understanding costs, margins, and predicting cash flow in the future.
- Traditional accountants who are trained to think and behave in a certain way need to change their mindset to master cash flow management.
- Communication is the key to getting the message across, and using plain English for easy understanding is crucial.
- Identifying the right KPIs is critical for any business, and vanity metrics can cause cash flow problems.
- Cash flow issues are generally an emotional issue and require behavioral-based processes to overcome them.
- Financial discipline and scrutinizing investments and short-term discretionary spending are essential for managing cash flow.
- While fintech is great, there are no silver bullets, and financial discipline is essential to solve cash flow problems.
Connect with David:
Cash Is Clear - YouTube
Cash management for businesses owners that want to grow their business (davidsafeer.com)
David Safeer's LinkedIn profile:
David Safeer | LinkedIn
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