Update 4/11/2014: Substantially expanded the section “submit bills electronically”
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This is the latest in the Speaker Academy series, which started here. The series is addressed to patients and advocates who basically know how to give a speech but want to make a business out of it. I’ll try to be clear to all readers, but parts may assume you’ve read earlier entries.
This post is about cash flow – an important part of being responsible for ourselves financially. In earlier posts we discussed getting agreement from your client on the value of your message and the need to get paid: Ratty Boxers, A turning point for patient voices, and Speaker Academy #15: The Contract. This post is about managing how the cash actually gets to you, because many hearts have been broken along that road.
1. For a small business, cash is king
One of the most common causes of small business failure is running out of cash. So if you want to build a business, even a small one, it’s your responsibility to be businesslike about cash flow. On About.com, Scott Allan put it this way:
Cash (Flow) Really Is King
One of the most important lessons entrepreneurs have to learn, often painfully, is that cash really is king. I’m not talking about paper money — I’m talking about cash flow. Simply put, it doesn’t matter how much money is coming in the future if you don’t have enough money to get from here to there.
Don’t plan to spend money you don’t have yet.
