David RichterMany small businesses grow quickly at first. Then, all of a sudden, they hit a wall. Bills stack up. Employees get overworked. The owner is running around putting out fires. Instead of growing strong, the business feels like it's falling apart.
David RichterOne reason many small service businesses struggle making enough money is underpricing. You might be trying to win customers, but if you don’t price your services correctly, you could be working all the time and barely making a profit.
David RichterWhen your business grows fast, it’s easy to pile on overhead: office space, extra staff, new equipment, and other fixed costs. These expenses don’t go away when business slows down. In fact, they become a heavy weight that drags your profit down.
David RichterCash flow is the lifeblood of any business. Many service-based businesses are in a constant battle to keep the bank account balanced. A major culprit? Unpredictable and inconsistent cash flow. Here's how service businesses can manage their cash.