Podcast: Download (Duration: 18:36 — 25.7MB)
Cash is a tricky subject for creative professionals. It can bring up many emotions in us and lead to bad decision making. For me, it has been a huge struggle over the past 11 years. How we manage our cash is vital to the future and growth of our businesses. In this episode of Getting Work To Work, I talk about cash and the importance of knowing how long it takes you to get new work, what your sales and marketing processes look like, the different ways you’ll make money, and what the breakdown of your receivables will be. Note: I most likely butchered the definition of trickle-down economics.
Seven Questions To Get You Thinking About The Flows Of Your Business: Cash, Customer, and Marketing.
- How long does it take you to get new work?
- How many appointments, meetings, pitches, and proposals do you need in order to land new projects?
- What is your sales and marketing processes? Do you have a sales funnel?
- What are your revenue streams?
- How are you charging for your work and is it enough to cover your expenses?
- What is the breakdown of each check? How much goes toward taxes, expenses, bills, payroll, equipment, profit?
- Is poor cash flow impacting your life? What can you do today, this week, this month, this quarter, and this year to change your situation?
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