First and foremost
Just getting this out of the way.
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Ok cool, now that we've covered that, onto being useful.
This month we're going to take a deep look at making sure you are making smart financial decisions, including but not limited to, your business structure, pricing, invoicing, and some of my favorite financial strategies reserved just for entrepreneurs.
Your Ideal Business Structure
Do you have an LLC yet? Cool. Do you make enough to take a salary, but are paying yourself in distributions (only)? Not cool.
I'll explain why.
Pricing based on Profit First
How are you determining your prices? Did you look at one of the market surveys and picked a number that felt about right? Or worse - did you just pick a number that you thought you'd like to be making and start including that in your contracts to see if people would pay it?
You need to make sure that your pricing is like everything else in your business; intentional. We'll take a deep dive into how to think about this - it's pretty simple, but can have a huge impact on your bottom line; literally.
Invoicing to Support Cash Flow
This is another small win area. Maybe you invoice all up front (I know there are some consultants out there that preach this is the only way they do business) but this isn't how the Companies with the budgets you really want pay their bills...
Maybe you figure you'll just invoice everything Net30 and all your clients will magically pay you on time, every time? How's that worked out for you so far?
I'll explain some tough lessons I've learned and give you some tips on how to make sure you're in a better place to pay your bills (and yourself).
Financial Strategies for Entrepreneurs
This is the real meat of this month - I'm going to introduce you to a whole mess of cool strategies that I've figured out, been shown, or stumbled across much later that I wish I had - so hopefully you can make some cool moves for yourself (and your business) much sooner; and keep more of your hard earned cash in your pockets.