Gary McGaghey Recap
Approaches used by Gary McGaghey to thrive in business
Mr. McGaghey graduated from the University of South Florida with a BSBA in business administration in 1971. He is the chairman of McGaghey Capital, which he founded in 2001.
Mr. McGaghey serves as Chairman of The Greenville Chamber Foundation Board and is past president of the South Carolina Business Roundtable and Greenville Chamber Small Business Committee.
Cash Flow Management Model
The first approach is the Cash Flow Management Model. This tool is used to forecast cash flows and manage them by ensuring sufficient funds are available to pay creditors, meet debt obligations and cover operating expenses.
Cash Cycle Improvement Strategy
The second approach is to improve cash flow by reducing the time it takes to collect payments from customers, pay suppliers, pay taxes, and pay employees.
Cash Excellence Scorecard
The Cash Excellence Scorecard is a tool that helps you improve cash flow by providing you with a clear picture of your current state and where you want to be. The scorecard has three main components:
A set of questions that help you assess the strength of your business’s cash flow management system
A group of benchmark metrics used to benchmark against other companies in your industry or region
An action plan for improvement
Budgeting
Budgeting is a tool that helps you to plan and track your spending. It allows you to see where your money is going so that you can make changes if needed.
It’s essential to set the proper budget for your business because if it’s too high or too low, it could lead to problems in the future.
Proactive Management of Accounts Receivable
The importance of collecting money owed to you
What to do if you don’t manage it
Avoiding getting sued by your customers
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Approaches used by Gary McGaghey to thrive in business Mr. McGaghey graduated from the University of South Florida with a BSBA in business administration in 1971. He is the chairman of McGaghey Capital, which he founded in 2001. Mr. McGaghey serves as Chairman of The Greenville Chamber Foundation Board and is past president of the…