Ownit Live Chat Recap: Freeing Up Cash In Your Business

Live Chat Recap:
Freeing Up Cash
In Your Business
With Leslie Barber
OWN IT

In 2005, Leslie teamed up with her best friend
Meredith to start NutraBella, a business focused on
prenatal health. 10 years later, she's an expert on
what it takes to build a business from the ground up,
including how to find funding.
Live Chat Recap:
Freeing Up Cash
in Your Business
with Leslie Barber

Live Chat Recap:
Freeing Up Cash
in Your Business
with Leslie Barber
Leslie recently joined us for a Live Chat, covering
tough topics like finding funding, cutting expenses
wherever you can, creating a board of advisors to
help with financial decisions and partnering with
other businesses for some passive income.

Live Chat Recap:
Freeing Up Cash
in Your Business
with Leslie Barber
Visit OWNIT.com for the full Live Chat
recap including additional information
and links.

A little here and a little there adds up
to a lot month after month. The key
for managing cash flow is to keep
e x p e n s e s d o w n t o t h e b a re
necessities and maximize revenue.
Where is your cash hiding?

It’s important to know exactly what money is
coming in and what money is going out.
Products like QuickBooks enable you to
know where you stand at every moment.
That’s critical so that you can act. If you
need cash, go get it. If you don't, celebrate!
Where is your cash hiding?

Rent
Are you paying for a store front you
don't need? Is your space too big?
Could you negotiate better terms?
Cash Hideouts

Credit Cards
Are you paying high interest or
annual fees? Could you move
balances to lower APR cards?
Cash Hideouts

Inventory
This is one of the biggest cash sinks
for any business. Are you carrying too
much inventory? Could you bring your
production to just-in-time or decrease
the amount of stock you carry?
Cash Hideouts

Accounts Receivable
Do your customers owe you money?
Don't be shy – if the cash is yours,
go get it. Be brave!
Cash Hideouts

Where do you go for startup cash or growth
funding?
Family and Friends
Leslie says “Don't take money from anyone who can't
afford to completely lose it. There are a lot of emotions
with friends and family so be sure you are completely
comfortable.“ It’s important that both sides understand
the potential for the loss of the investment.

funding?
Crowdfunding
1. Kickstarter
2. GoFundMe
3. Indiegogo
4. Crowdrise
5. Crowdfunder
6. RocketHub
7. Appbackr
8. AngelList
9. Invested.In
10. StartSomeGood

funding?
Line of Credit
Leslie says “If you have several years of profitability, always
carry a line of credit – go get one today! It can save you in a
pinch and is worth the small costs. A friend who runs a flower
delivery business shared with me the day that her flower
cooler broke, risking $80,000 in flowers. That was the day that
she got her line of credit. Do it now before you need it.”

funding?
Angels
There are many angel groups who want to
support women and people of color starting
businesses. That can be a terrific way to not
only bring in money, but also bring in ideas
and experience into your business.

funding?
Personal Credit
Using personal credit may be your only
option, but be wise. Leslie says: “I learned the
hard way that it can really hurt you if you want
to buy a house or take out a personal loan.
Make sure this is what you are willing to risk.”

Cutting Costs
Other than funding options,
there's always cutting back on
expenses to free up some
cash.

Cutting Costs
Look at every single thing that
you spend. Nothing should be
sacred. Even small expenses
like pens and other office
supplies add up.

Cutting Costs
Expenses should be as lean as
possible, especially those expenses
that do not have revenue tied to
them. You should always ask for a
discount or a better deal. If they say
no, you tried! If they say yes, you win.

Getting Paid
Leslie says “Sometimes a good old fashioned phone
call can help move everything forward. We are all
bombarded with so much email and text these days.
Sometimes just reaching out by phone can help move
things along. You never know why they're not paying
the invoice. Are they not receiving it? Do they have
financial challenges? Give them a call and try to connect
with them personally. You might be surprised what you
learn.”

Partnership Programs and Advisors
Business partnerships can be really
awesome. But they need to be a win-
win for both sides. Leslie says “I think
partners and influencers are like
spouses. We need to make sure we're
getting in bed with the right people!”

Starting a business "takes a village." Find
an advisory board or an entrepreneurship
group who can support you in your
decision making. People love to give you
their thoughts, ask them for help! And
formalize it if possible. Perhaps a monthly
call?

Treat any business partnership like a
major financial decision. Vet them.
Ask them to propose something to
you and then evaluate it. You can
be nice, just don't be a push-over.

FIND MORE INFORMATION on OWN IT
• Visit OWNIT.com for the full Live Chat recap
including additional information and links.
• Check out the rest of our helpful series.
• Join the Network Dedicated to Small
Business Success.
• Connect with thousands of small business
owners like you with our free app.

https://www.ownit.com/communities/ownit/posts/755785
Get more information for your small business on OWN IT.

OWN IT is a trusted network of small business owners and
the self-employed supporting each other in growing our
businesses. Join us to make better, more informed decisions
via the experiences of experts and professionals like you.
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Ownit Live Chat Recap: Freeing Up Cash In Your Business

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