One of the biggest mistakes rookie entrepreneurs make is failing to separate their personal and business finances
Although it can look like the demands of business, making money, profitability, cashflow, financial management are in conflict with creating great architecture or beautiful design, the opposite is the case. Create a great business-vehicle that makes money and generates great cash flow allows you to create more great architecture.
Making money in your business isn’t rocket science. It’s always back to the basics: Make sure you bring in more money than you let out. Here are the ten key strategies to do just that in your business. If you focus on these ten this year, I guarantee you’ll make more money this year than last year.
The misunderstanding is that business owners generally don’t appreciate that there are two different types of accounting
BQ Making Profit and Generating Cash Flow
The second of the 7 Big Questions of Small business. Personally I believe the question about making money is even more important than the first question about growth. Business Growth only makes sense if you end up with more money in your bank account as a result.
BQ The 7 Big Questions for business owners who want to build Beautiful Businesses and Lives
Most business owners will come face to face with each of The 7 Big Questions of Small Business at some stage on their quest to Discover and Build a Beautiful Business and Life. If you haven’t faced all of them yet, you will, I promise you.
For a small business, it can be difficult to find the balance between wanting to chase to ensure that you get paid, but also not wanting to drive your customers away by harassing them.
The biggest opportunity in the development of your small business is to work out what the critical KPIs for your business are. Finding your KPI’s starts by conducting an objective review of your business from the outside looking in. It forces you to really get under the bonnet.
My friend doesn’t have payment terms or a collections system. And consequently, some of the people in the art world who are his clients, use him like a doormat. Time and again. Every year some of his clients think it’s ok to pay him last, after everyone else has been paid. Sometimes he doesn’t even get paid at all.
Growth is irrelevant. I’m not sure who ever made growth such a focus in business, but he (and it’s guaranteed to be a he, btw) should have been strangled at birth.