Kunle Olaifa of FOBA Communications, spent his lunch-hour at the enterprise club on 10th June to share his passion for close attention to cash flow to ensure business success. In a very short time he was able to draw out the skills in the group (including household management) and to get everyone thinking about planning around cash flow. He said that the mighty Woolworths went bust because of cash flow mismanagement!
In a exercise on a real scenario he asked the start-ups for their decision on whether to pay more for a product/service which gave 30 days credit. In the end he managed to persuade everyone that this was the only sensible business decision.
This was a very useful session. I totally agree with Kunle that ‘cashflow is king’ and it is important for those setting out in business to understand this. The networking afterwards was also productive and lively. ELAINE FREEDMAN, VOLUNTEER & INFORMAL BUSINESS MENTOR