Show me the money
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Money - it makes the world go round and can be the cause of sleepless nights - usually because there's not enough of it. But knowing where you are financially and having a plan can help take away some of the stress.
Money - it makes the world go round and can be the cause of sleepless nights - usually because there's not enough of it. But knowing where you are financially and having a plan can help take away some of the stress.
In the latest ART Generator, we take a look at cash flow, budgets and other things money related as ways of understanding what is happening with both your income and expenses and we've got accountant Russell Toplis to shed some light on these matters.
He says "I know money and managing it is not dear to many creative hearts but if you're wondering why it is important, there's a number of compelling reasons why you should know where you and your business are financially."
We cover the whys - why budget, why cash flow and how to use them - especially important for those in our sector who are self-employed, contractors or freelancers as this can mean uneven income - sometimes flush while a contract is underway, sometimes lean when there’s not much happening.
We have some other tips around money matters, your attitude towards it and some strategies for earning more of it...
What happens with you and money can largely be about how you feel about it, use it and manage it. Written by Lorraine Blackley, this series of resources about you and your relationship to money will help you undertand that better.
One of your opportunities may be to develop more income streams, Rob Garrett talks about building future clients or income streams.
By working through both articles and exercises, as well as the other resources we've highlighted on Generator, money management could be a thing of the past.
Lumpy income. The life of many creatives. How do I manage my money better?
FEATURE:
Gush - whoops, now it's a drought
EXERCISES:
RESOURCES:
Gross profit break even - calculator
All you need to run your business
The delicate art of getting paid