Westpac is gearing up to host a number of cash flow workshops that are designed to help brokers develop an understanding of cash flow and its impact on their business.
Starting this month and running until March 2010, the workshops – called Broker IQ Cash Flow Workshops – will help brokers predict the flows of cash in and out of their business through cash flow forecasting as well as how to plan for future cash requirements.
“Cash flow is seen as the single most important factor in determining whether most businesses succeed or fail and a full understanding of its impact is imperative prior to growing a business, or surviving challenging market conditions,” Westpac’s general manager of mortgage broker distribution Huw Bough said.
“By helping professional brokers understand their own business better, they will also have a better base of knowledge to communicate effectively with their self employed borrowers and customers.”
According to Mr Bough, the bank is committed to supporting its key broker advocates and customers and the feedback received so far from the initial pilot workshop has been highly positive.
Smartline’s Andrew Wright, who attended the pilot program, said the workshop gave greater insights into how he could build his business through better control of his cash flow.
“I will definitely use what I have learnt to analyse and scope my business. This will assist me to be even more confident and capable of interacting with clients,” he said.
Brokers attending the workshops are expected to learn how to create a cash flow seasonality graph, a cash flow budget and the seven steps to a successful business.
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