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You should never wonder how your consulting business is doing financially. In this episode, we talked about:
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Understanding EBITDA and why it matters for your consulting business’ bottom line
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Having a framework to better value your time and focus on value-pricing yourself correctly
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Looking at your operating expenses as a baseline for your consulting business
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Avoiding pushing for volume to get revenues up
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Productizing your business and outsourcing to give you more time back
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Hiding bad processes with profit
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Having the agency and intel to pick your clients in a way that serves your business and bottom line
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Knowing your metrics to develop best-case, base-case, and worst-case scenario financial plans
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Layering in best-case scenario “what ifs” for what your business can look like
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Using payment models and credit lines to help you with cashflow
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Getting paid when clients don’t pay you
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Defining key performance indicators that will help know what’s happening with your finances and make deliberate decisions
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Embracing the difference between a signed contract and getting the revenue in your account
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Automating to ease payment
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Not letting your canary die
