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.
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.
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.