How to manage business finances

The issue of money management fills many who start out on their own with dread. But there’s no escaping it – the business-savvy get ahead. In between the fun, excitement and occasional terror of running your own gig, you have to face up to the reality that it’s a business – and must be managed like one if it’s going to succeed. 

Cash flow is key. You need the right pricing structure and a few tricks of the trade to speed up the payment process. You’ll also need to know what’s coming in and going out at all times. So let’s get cracking – from balancing the books to planning ahead, this section brings you practical business tips for managing your bottom line.

Set the right targets

A $5,000 project for one client could easily be a $20,000 job for another. So how do you know how much to charge? One of the biggest mistakes a commissioned company can make is not to bill enough for its work. 

But every project is different, so what’s the…

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