You might be surprised to know that lack of cash flow is a very common issue, not only for startups but every size business. Even those that are turning over hundreds of millions of dollars.
No money, no cash flow generally comes from not knowing how to monetise your ideas and how you think about money. Because money is so critical to keeping you in business, the absence of cash flow usually means game over for most entrepreneurs.
The core emotion around lack of cash flow is fear. But it could also be:
trying to sell a product nobody wants
not being in tune with trends and cycles
bad or no marketing strategy
poor money management
No, you don’t need to fly to China to meet your suppliers. Save your money, you’re going to need it for marketing. And no you don’t need that chic new office space, save your money and hire an admin assistant and turn your second bedroom into your office, instead.
In his autobiography, the founder of Nike, Phil Knight, talked about how, even after turning over hundreds of millions of dollars, they still had cashflow issues due to supply and demand when the bank pulled their $1M line of credit they had no way to pay for the next shipment of shoes. Clearly, they found a way to generate what they needed because, well, we all know how that story ends.
Shifting your mindset and learning how to generate cash flow is definitely a skill worth learning because you’ll never escape it — no matter what stage of business you are at.
One of the things I’ve done in my business is to use the pain of no cash to motivate me to take massive actions and to find the answers to improve our results.
So what are the solutions for creating better cash flow: Here’s a few ideas:
There’s a big hint in the word cashflow itself.
Cash + Flow
If you want cash, you need to be in flow. But what does it mean to be in flow?
It means, not holding anything back, allowing, letting it in, being unblocked, and aligned with what you want.
If you find that your cash flow issue is related to no sales then perhaps you need to seek out feedback on your product or service.
Feedback is so important for refining and updating your offering and continuing to create massive value. It takes a thick skin to listen to feedback because you might not always like what you hear, but it’s the quickest way to understand how to get your product or service to succeed.
In our business, we have a slack channel that collects all our customer feedback, ideas and suggestions and every quarter we distill that down and have a production meeting to discuss what we’re going to implement.
2. ABUNDANCE MINDSET
If you’re in constant fear around money or lack thereof, you might need to work on your abundance mindset.
Working on your abundance mindset means to change what you believe is possible for your business by shifting your mindset around money. This is essential for opening up to the flow of money in your business.
For some of you, this will require you to clean up old beliefs and attitudes around money that is keep you from experiencing the full flow of money and abundance into your life.
I find most entrepreneurs that I mentor, are simply shooting too low. Their goals are not exciting enough to motivate them to take massive action and to find the answers that will dramatically move them forward.
A lot of the work we end up doing, is around changing what they believe is possible for them and opening them up to letting go of fear and feeling comfortable earning more and in some cases — a lot more.
So you might want to look at your beliefs around money so that you can break through to the next level and a few more zeros to your revenue.
3. LIGHT YOUR FIRE
Finally, an essential part of making money is having fire and passion for what you’re doing.
With no fire, you lack the intensity required to make things happen —- including making money.
So if your challenge is that you can’t get started, trouble concentrating, no focus, stopping and starting, laziness, easily distracted, then you might need to work on generating more passion and fire in your business by finding a way to get hungry for your goal and getting back to doing what you love.
Make it your mission to find the answers and uncover what’s holding you back from earning more. Millions of other entrepreneurs have overcome the cash flow problem, so why not you.
Watch my video series and learn the four essential ‘mindset shifts’ you need to make to explode your results and create a 7-figure success.