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Dealing With An Unpredictable Income
All businesses are going to experience some ups and downs. It is the nature of the beast of being in business. Here are two ways to help navigate an unpredictable cash flow:
Market, market, market. Several hours every week should be spent identifying potential new clients and new work from past clients and then making contacts to build future business. Concentrate on the numbers. Figure out how much you will bring in over the year and then create a budget based on your annual needs. It is bad business sense to focus solely on how much money is coming in when times are good. You have to build reserves, just like any business, for the times when cash flow is light. Photo by MSDesign.
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