The Accounting Podcast | #AccountexUSA: Meet Cash Flow Mike

#AccountexUSA: Meet Cash Flow Mike

November 3, 2019 / 20:32/E127

Mike Milan AKA "Cash Flow Mike" is one of the highest-rated instructors at the nation’s most prestigious banking schools on the topic of financial management for small business owners. He sat down with us at Accountex USA this summer to talk about why proper cash flow is crucial to business success and why accountants and bookkeepers should start with cash when it comes to adding advisory services. Like Mike says, you don't want to just be a "trusted advisor" — you want to be a "necessary advisor."

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Show Notes

00:17 – Meet Cash Flow Mike!
00:36 – Cash flow is king - It's how businesses keep their doors open
01:26 – Mike teaches banks effective methods for communicating with small-biz owners
01:50 – Mike teaches from the standpoint of necessary advising, instead of trusted advising
03:41 – Want to add advisory to your practice? Learn how to tap into your experiences and tell that story
04:49 – Mike says it's imperative to start with the end in mind - and map out that advisor/client relationship
06:55 – Since everything you do impacts cash flow, you need to know the reason why you're making every single transaction
09:01 – Run your firm like you're going to sell it - keep it show-ready every day
09:34 – Stupid cash flow tricks
12:01 – You don't need fancy tools and software, but you do need to track everything - what's coming in, what's going out, and the timing of it all
14:15 – When it comes to cash flow, looking ahead gives you time and options
14:35 – Practice what you preach. When it comes to advisory, if you believe in what you're selling, why aren't you doing it?
15:20 – What comes in should match what's going out
18:39 – A discussion on how having more month than money and oversized growth affects startups like WeWork | NYT

Connect with Mike Milan

Linkedin: linkedin.com/in/mikemilan/
Website: https://www.elevatefinancialtraining.com/

Get in Touch

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