Cash Flow Management For The Independent Stylist
- E33
- 19:11
- July 29th 2020
Click The Link To View The Video https://youtu.be/Fnx5ye5cS4U
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Hello again and welcome to part three of Business financial literacy for the independent stylists.
In Part one I discussed the importance of picking a legal business structure for your business, in part two, I discussed why it's important for an independent stylist to set up an accounting system. In part three, I discuss cash flow management for the independent stylist.
CASH is the lifeblood of every business. Without cash, your business will eventually fold even if the business shows a profit each month.
One advantage that the beauty industry professional has over other businesses is that we are a cash business and as such, salon owners and independent stylists, generally speaking, do not have to worry about there income statement (profit & loss statement) showing a profit based on Accounts Receivable. This means that most if not all the sales on your income statement is cash that you have already received.
So for independent stylists and other cash businesses, the purpose of managing your cash flow is to always know how much cash you have in reserve before you have to start worrying.
I hope you enjoy this 16-minute video that hits on some of the high notes of cash flow management.
PROFIT AND BEAUTY: A Show For Salon Professionals
This show was created for Salon owners who have decided to start running their salon like a business rather than a hustle.
The focus of the show is to help salon owners understand the numbers behind their business so they can grow and make extraordinary profits.
My name is Desarie Anderson, a hair stylist turned accountant and financial guide. When salon owners have trouble understanding the finer details of their finances, they come to me. With 19 years of salon ownership experience coupled with my experience in the financial world, I know the ins and outs of both the beauty and the financial industries. Whether you want to minimize your tax bill or grow and scale your salon, I’ve got you covered.
