Hi and welcome to the MyCake blog where we prod, provoke and support creative entrepreneurs (both MyCake users and a wider community) into becoming better at managing their business finances.
The MyCake blog will provide hints and tips on ways to improve your financial management and pointers on how to make the most of the money coming and spend the money going out wisely. If you subscribe to our RSS feed (top right) you can receive these updates automatically.
how about the following food for thought:
– do you charge your clients in installments? if you charge a chunk up front, a chunk part way through and a chunk at the end of a project not only does it reduce the risk of not getting paid but it too improves your cashflow
– do you know where the majority of your business comes from? either in terms of clients or in terms of sources such as trade fairs … as a general rule 80% of your business will come from 20% of your clients so it is worth knowing which 20%! To find out the answer to this run the ‘Income by Customer’ report in the book-keeping half of MyCake.
– if you have credit with your suppliers which is longer (ie more days between invoice issued and when you pay it) than the time taken for your clients to pay you this immediately gives you better cashflow
last but not least … are there questions around financial management
that you’d like us to answer or comment on? if so drop us a line and
we’ll do our best to contribute something useful