This has been an amazing and insightful year for me. It’s my first full year out of corporate America, and I have had one heckuva ride! Many awesome clients, a few not-so-awesome clients, and LOTS of lessons learned!
My biggest business lesson learned in 2011: Profit and loss are great but cash flow is KING!
I had a relatively profitable year. Most months were in the black with enough to pay the bills and enjoy a nice meal or two with my wife. But though I was billing hours, I had a few months of near zero revenue collected. That means NO money in bank account, which meant no bills paid.
But I learned that lesson and now, by asking for half down for any projects and billing retainers a month ahead instead of a month behind, I’m living much more comfortably. Same profit and loss, but much better cash flow.
What about YOU?
What was your best business lesson in 2011?
Looking for some inspiration? Check out the 11 business lessons learned at Business on Main.
YOUR TURN: Leave a comment with the best business lesson YOU learned in 2011. I’ll be selecting 2 at random to deliver a $50 Amazon gift card to. You have until December 24th, 2011 at 5 PM central time. Good luck, and let me know your 1 best business lesson learned in 2011 in the space below.
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