2016/2017 has been a challenging year for me, so rather than the usual format for #AskMeOnMonday, this week I wanted to share with you my personal experience, including some lessons learned and home truths I’ve recently faced and how I’m pulling myself out of this #cashflow #funk.
CLICK BELOW TO WATCH #ASKMEONMONDAY EPISODE 5
Top tips from this week
It’s been an interesting year so far! When I reflect on the year to date, my biggest mistakes for 2016/2017 were:
- I had depleted my savings buffer.
- I was relying on one or two clients for almost 90% of my sales revenue.
Tips for how to prevent this from happening in future:
- Make hay while the sun shines:
- Save more during good periods
- Plan for the worst case scenario
- Diversify your income sources:
- Products and services
- Passive and active income sources.
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About the Author: Angeline Zaghloul is an expert in business strategy, client management and business processes, and is the Managing Director of Peer Business Consulting, a Sydney-based consultancy providing strategy and operations support to startups and SMEs. Angeline also publishes a regular blog which provides research, advice and tips on key issues facing businesses.