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A (very) basic order of operations for paying yourself from your business
Small businesses grow in stages. In the beginning, there's a clamoring for personal financial stability (aka you gotta earn enough money to buy food and pay rent). In that stage, the most important things are generating revenue, being profitable enough, and paying...
Search for bottlenecks in your invoicing process
Improving cash flow seems simple on the surface. You just speed up invoice collection, slow down bill payment, and make sure you have capital available for emergencies. But, that's easier said than done. Textbook cash flow advice will only get you so far. For example,...
Worry about your business and not ‘what the market can bear’ when increasing prices
When discussing pricing, people frequently mention 'what the market can bear' (aka the max people will pay for your product/service) as the upper threshold. Because, in theory, if you charge more than what the market can bear then no one will buy from you. But, 'what...
Improve your cash flow by collecting client payment info during contract signing
At its core, improving cash flow has a lot to do with the timing and availability of cash in your business. That's why mega-corps will delay paying bills for as long as possible, because it leaves money in their accounts longer and improves the overall cash...
Proactively look for surprise expenses to improve your long-term cash flow
Proactively managing cash flow is more than just enforcing payment terms, delaying your cash outflows, and building a tiny emergency fund. You should also be actively looking for potential cash flow problems and planning for them. Because, a surprise expense that...
Demonstrating value doesn’t end at the sale
Clients are usually the happiest with and most excited by your services when (and shortly after) they hire you. That's when they're most convinced that you can solve whatever problem or pain-point they're currently facing and feel the relief of getting it off their...
Reader question: “I raised my prices and a few of my clients are upset. How do I fix this?”
Raising your prices is one of the most common bits of internet small business wisdom. The general idea is that you're almost always undercharging because people are bad at determining their own value and, even if you lose a few clients, the increased billings will...
Questions to ask yourself before changing course
Constantly learning, iterating, testing, and evolving helps keep your business ahead of new challenges and beating the competition. New innovations can be as simple as new software tools, addon services, or updated deliverables, but can make your business...
Keep a running ‘progress & goals document’ so you can more easily look back on your growth
True growth is incredibly slow. It's a series of marginal improvements over a long enough period of time until you finally become proficient or successful. For example, they say it takes 10,000 hours to become an expert (which is debatable, but this is just an...