Running a business requires a firm grasp of dollars and cents, but it’s much more than that. To be successful, in addition to finances, a business leader must also have an awareness of and work on improving their financial wellness and be mindful of their fitness and health. In this article, JSuccess experts share their expertise on these topics.
FINANCE
Planning for the Cash Flow in your Seasonal Business
By Dan Katibian, CPA, CFO Financial Solutions, LLC
As business owners, we are tasked with keeping our businesses financially sustainable. Cash Flow is the lifeblood of a healthy business.
Often, unexpected things occur in our business which are impossible to plan for such as a war, a commodity shortage, a sudden economic downturn, etc. For the unexpected, a business can protect itself by building cash reserves and having a health line of credit to tap into.
However, often events occur that are predictable in nature and occur annually.
Some Examples To illustrate:
Landscaping Company/General Contractors: Significant activity during spring and summer; limited activity in fall and winter.
Wholesale/Retail: Cash outflow to invest in the new line of inventory. Large cash inflow during peak sales times such as preceding holidays.
Annual Subscriptions: Large cash inflow prior to main month of annual renewals. Steady cash outflow other months.
CPA Firms: Large cash inflow month following tax deadlines, steady cash outflow other months.
Businesses Catering To Frum Population: Significant activity before yomim tovim. No activity during yom tov, 3 weeks, sefiras haomer depending on the nature of your business; limited activity in fall and winter and holidays.
Healthy businesses are not cash positive every month. That is not a red flag or an indication of a problem. Even when responsible for the cash budget of a Fortune 100 company that did billions of dollars of business a year, there were known months where the business would have major cash crunches.
Document your seasonality, build a cash projection, and plan accordingly.
Do your part to prepare your business. At times of cash abundance, take your equity draws and pay off your large bills which are outstanding. Use these best practices to keep your business healthy and protected during the known cycles.
FINANCIAL WELLNESS
Flying Blind – Your Eyes are Closed!
By Simi Mandelbaum, Founder, PROSPR Financial Wellness
Many small business owners and solopreneurs feel that they are flying blind and have no idea if they’re making money. Even worse, some feel they are always short of cash, both in the business and at home. This creates stress in their business and personal relationships.
Additionally, many small business owners commingle their business and personal funds. That means there is competition between business needs and personal needs.
What to do?
Recognize that you are running two separate businesses. Your home and your actual business. Each business must know its numbers! How else can you really stop flying blind?
Below is a basic example of how a businessperson would look at their numbers.
ACME Home Business
Commi-ngled
Business
Personal
Income - deposits
$35,000
$35,000
$19,000
Direct Business Purchase
5,000
5,000
Shared fixed business & personal expenses
10,000
7,000
3,000
Variable shared expenses
7,000
4,000
3,000
Direct personal expenses
12,000
12,000
Total Expenses
$34,000
$16,000
$18,000
Net Cash Income/(Loss)
$1,000
$19,000
$1,000
Initially, the business owner totally feels cash poor. At the end of the month, he’s lucky if he walks away with $1,000. That’s because all he sees is the number at the end of the Commingled Account. Once he created the sheet above, he was able to see that his business is showing significant profit, so although the owner may be feeling tight, it’s not that he’s doing anything wrong.
With the information in hand, the owner can now gain the confidence that his business is performing well, and he can focus on increasing sales. A small increase in sales will drop a large amount to the bottom line.
So don’t worry about complete accuracy, just make a start. Starting is the biggest hurdle. Soon you will be flying through clear financial skies!
FITNESS & HEALTH
Hydration For Enhanced Productivity: Unveiling The Power Of Electrolyte – Infused Water
by Chaim Loeb - Founder, FitYid Academy
In the bustling world of professional commitments and tight schedules, maintaining optimal productivity at work is a top priority for many. While strategies like time management and task prioritization are well-known, a simple yet often overlooked factor can significantly impact productivity: hydration.
The Science Behind Hydration And Productivity:
Water is the essence of life, and it plays a vital role in various bodily functions, including cognitive processes. Dehydration, even at mild levels, can lead to a range of negative effects on the brain, such as reduced concentration, slower reaction times, and impaired short-term memory. Electrolytes, which are minerals like sodium, potassium, and magnesium, further enhance the body's ability to absorb and retain water, ensuring efficient hydration.
Electrolytes: The Unsung Heroes:
Electrolytes play a pivotal role in maintaining the balance of fluids in and around cells. Replenishing these essential minerals is not only crucial for maintaining proper hydration but also for facilitating nerve impulses and muscle contractions, which are imperative for a focused and alert mind.
The Role Of Electrolyte-Infused Water:
While water is undoubtedly the elixir of hydration, adding electrolytes to your hydration routine can provide an extra edge. Electrolyte-infused water helps to restore the electrolyte balance lost through sweat, aiding in fluid retention and hydration.
Benefits For Workplace Productivity:
Enhanced Cognitive Function: Proper hydration ensures that brain cells receive the oxygen and nutrients they need, leading to improved cognitive function.
Sustained Energy Levels: Dehydration often results in feelings of fatigue and lethargy.
Improved Mood And Stress Management: Dehydration can impact mood and increase stress levels.
Heightened Concentration: A well-hydrated body ensures that your brain can efficiently send and receive signals, leading to improved concentration and responsiveness.
Conclusion: Staying hydrated is not just a health recommendation; it's a strategy for enhancing workplace productivity. By recognizing the symbiotic relationship between hydration and cognitive function, professionals can harness the power of electrolyte-infused water to excel in their tasks, maintain high levels of concentration, and pave the way for success in the modern professional landscape.
Conclusion: By following the professional guidance in this article, business leaders can gain affirm grasp on their finances, improve their financial wellness, achieve fitness & health, and see their businesses grow and thrive bs”d!
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Finance, Financial Wellness, and Fitness & Health
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