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.
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.
At the same time, I know that very often the work I do with my clients results in a turnaround in their business worth many times what they pay me. Looking at the “Value Based Pricing Model” in other words, I really don’t charge anywhere near enough for my coaching and I have tried to increase my fees for a little while now.
But just like I would be sad to live in a world where the only restaurants we can eat at are McDonalds, likewise I’d hate to live in a world where all the funeral parlours were run by 18 yr olds who were trained to ask me: “Do you want roses with that?”
The first thing you have to do with your profit, is collect it. Profit is no good to you if it’s in the the bank accounts of your clients. This may seem an obvious point, but you’d be surprised how many small business owners I work with make profit, and yet can’t pay their bills.