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Cash Flow Management
In this technology-driven age, it can be tempting to purchase new gadgets as they come on the market. In fact, some professional people manage to get themselves deeply in debt through purchasing equipment and technological 'toys' that they don't really need. The young professional needs to be wary of this money trap.
- Establish a practice budget with the help of your accountant
- Understand your monthly income statements to see if they develop a pattern
- Develop cost control measures, not just on such expenses as wages, leases, insurance and regular supplies, but watch for the little things that can add up
- Spend money wisely, based on long and short-term revenue projections.
And most importantly:
- Don't spend more than you can afford.
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Remember to refer back to your business plan regularly to track variances to both revenues and expenses. |
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