Podcast: Listen to Jennifer on Craft of Consulting – Getting Your Consulting Business Finances Right

A small house made from hundred-dollar bills, with the roof and walls constructed entirely from U.S. currency.

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You should never wonder how your consulting business is doing financially.  In this episode, we talked about:

  • Understanding EBITDA and why it matters for your consulting business’ bottom line

  • Having a framework to better value your time and focus on value-pricing yourself correctly

  • Looking at your operating expenses as a baseline for your consulting business

  • Avoiding pushing for volume to get revenues up

  • Productizing your business and outsourcing to give you more time back

  • Hiding bad processes with profit

  • Having the agency and intel to pick your clients in a way that serves your business and bottom line

  • Knowing your metrics to develop best-case, base-case, and worst-case scenario financial plans

  • Layering in best-case scenario “what ifs” for what your business can look like

  • Using payment models and credit lines to help you with cashflow

  • Getting paid when clients don’t pay you

  • Defining key performance indicators that will help know what’s happening with your finances and make deliberate decisions

  • Embracing the difference between a signed contract and getting the revenue in your account

  • Automating to ease payment

  • Not letting your canary die

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