If You Lack These 2 Skills, You’ll Bankrupt Your Business And Your Life

Written by: Nil Akan Palacios, Executive Contributor

Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.

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We are living in a world that is filled with cash! And yet there are many business owners out there who are struggling to access cash.

Did you know that FED printed more money in 2020 & 2021 than in the history of the World?

If you are still short in cash even though the World is filled with cash, then it is you who have a ‘relationship’ issue with cash

My clients are hiring me because they are bankrupt or will bankrupt soon

They are highly educated people with vast work experience

And yet they are cashless

When I started business coaching my clients, at the beginning I was teaching them the basics of a cash flow statement and why cash is vital for their company, any company for that matter

But then I realized that it was not their lack of understanding the statements of their companies in the first place, but more about their personal relationship with cash

They all told me their money stories when they were growing up

‘It was disgrace to speak about money in our house when I was growing up’

‘My father told me to get the highest possible degrees during my school years and so did I. Nobody ever taught me how to generate cash.’

‘I was told that love for my job should be well above love for cash.’

Honestly, I grew up in similar circumatances where my parents were constantly struggling for cash and our family business was almost always on the edge of bankruptcy

My motto in life is;

Life is for enjoying. I cannot allow cash to be a stone in my shoe.

With that motto, throughout years of family bankruptcies, hard work, and business experience, I’ve developed 2 crucial skills that really helped me to have all the cash I want in adult stage of my life;

1. Financial literacy

2. Emotional literacy
   

Financial literacy is the ability to invest your time and resources in those areas that will generate cash for you in coming 1, at most 2 years

Emotional literacy is the ability to lead the cash, instead of cash leading you

These 2 concepts are not taught at school

Therefore diplomas, at some point, become a real show-stopper for educated people

Are you also experiencing the same challenge?

Companies that go bankrupt, without any exception, are missing these 2 skills

Companies without a financial dream and emotional agility to generate, protect and grow their free cash

In coming editions, I’ll deep-dive into how financial literacy and emotional literacy can save your company from bankruptcy

Trust me.

You cannot lead your company, if you are not leading your cash flow.

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Nil Akan Palacios, Executive Contributor Brainz Magazine

Nil Akan Palacios is an expert in cash generation for companies. She is a firm believer that companies go bankrupt not because lack of cash but because lack of a healthy relationship with cash. With her 26 years of adventorous big-corporate experience, Nil is now coaching business leaders on how to generate, protect and raise their free cash so that they lead a financially free and prosperous life. Nil is CEO of BOAT Business Coaching LLC with clients across Europe and Turkey. Her motto: You cannot lead a company without leading cash!