You deal with financial activities that relate to cash flow, financing, and accounting. Cash flow is about tracking and managing money coming in and money going out. Financing is about having access to capital to fund your operations when cash gets tight or you're investing to expand. Accounting is about tracking all financing activities so you can accurately file taxes and also analyze your financial performance.
- While running your firm, you'll deal…with financial activities that relate to cashflow,…financing, and accounting.…Depending upon your comfort level…with accounting and finance issues,…you may choose to do this yourself,…or you may get a service provider to do it for you.…If you're not sure of what you're doing,…seek professional assistance from an accountant.…Open a separate bank account and credit card account…that you'll use solely for business purposes.…Don't comingle your personal and business spending.…
Keeping them separate makes it easier…to manage your accounting.…Cashflow tracks and manages money coming in…and money going out.…You'll need to select an accounting software package…that enables you to generate and send invoices,…record payments, and track client accounts.…One of the the biggest reasons…to monitor cash is clients rarely pay…as soon as you invoice them.…Many will pay you on terms like net 60,…which means they'll pay you 60 days…after they receive your invoice.…
Some may be net 30.…Others are going to be net 90 or more.…
- Identify types of consulting business models.
- Describe revenue models.
- Explain how to estimate and manage costs.
- Price services using pricing strategies.
- Explain how to negotiate deals with clients.
- List effects of responding to RFPs.
- Identify the phases of constructing a consulting engagement.
- Present findings and implement recommendations.
- Describe different ways to manage legal issues.
Skill Level Beginner
1. Define Your Consulting Business
2. Marketing and Selling
3. Contract and Protect Yourself
4. Run the Consulting Engagement
5. Handle Administration
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