article thumbnail

Ten Factors to Consider Before Jumping into Independent Consulting

Successful Independent Consulting

Money management · Cash flow – This is probably the hardest part about being self-employed, especially if you are going to work with large companies. This means that if you work 100 hours in January and bill for it on January 31st, you probably won’t see any cash until the middle of March. Do you have the cash to make ends meet?

Cash Flow 370
article thumbnail

Nine Things to Think About Before Taking the Leap to Independent Consulting

Successful Independent Consulting

Cash flow – This can be the hardest part of being self-employed. Relatedly, your cash flow will likely be erratic. See the point above about erratic cash flow.) While a severance package can ease the cash-flow crunch, being laid off can be demoralizing.

Cash Flow 195
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Key Performance Indicators (KPIs) for Professional Services Firms

Progressus

However, managing them effectively can be challenging, given the intricacies of resource management, project performance, and diverse financial elements such as billing models, regulations, and currencies. Over time, this KPI facilitates precise cash flow forecasts, enabling strategic investments in line with long-term objectives.

article thumbnail

Navigating the Crossroads: Project Management vs. Project Accounting Software

Progressus

Resource Management: Optimize the use of human and material resources. For example, a marketing agency can use Project Management software to track the progress of various campaigns, ensuring timely delivery and optimal resource allocation. Milestone Tracking: Visualize project timelines and key deliverables.

article thumbnail

Embracing Your Expertise: The Importance of Believing in Yourself with Ann Carden

Consulting Matters

If you would like to have help in your business to continue to grow and scale your company to $1m-$5m while maximizing profitability, cash flow, personal income and optimizing your business to give you more personal freedom, schedule your breakthrough strategy session with Ann to develop your $1m-$5m roadmap for your fastest path.

Cash Flow 156
article thumbnail

Understanding the Anatomy of Startup Failures

Business Consulting Agency

Impact : Lack of clear direction or ineffective implementation can lead to wasted resources and missed opportunities. Impact : Financial instability, cash flow issues, and inability to sustain operations lead to business failure. Impact : Mitigating financial risks and ensuring better management of resources.

article thumbnail

Optimizing Project Accounting: A Game-Changer for Professional Services

Progressus

Ultimately, these hurdles jeopardize the firms’ ability to set and achieve short-term and long-term objectives, forecast cash flows, and strategize for the future. It’s pivotal for them to discern any slippages in project milestones as these anomalies can skew cash flow predictions and receivable planning.