How To Build Cash Flow

Cash Flow has been keeping me awake the last three nights. I am worried I will not be able to make it out of the next three months. There is potential growth at the end, but making it there is what is worrying me. I am limiting my spending and tracking every penny. At this point I need to earn more. That is the hard part.
I have gone back to several prospects to determine a timeline and proposed payments. I know that this will get some money in the door, but it might not be enough. How do you increase revenue? What are the cash cows? I am trying to answer those questions and I juggle everything else.

Entrepreneur Tax Lessons

I am completing year end taxes for my business. I have a bookkeeper and an accountant. My bookkeeper has been helpful, and my accountant I have had minimal contact with. I learned earlier this year that my accountant sent in the wrong federal tax id number this year (2009), so my state taxes were filed incorrectly.

I was trying to complete year 2009, when in the middle of finding two expenses I was sidetracked by the IRS. I was told about missing filings between the years 2002-2005. There has been no filed completed and shows no record of one every being made. After an hour I hung up the phone.
At the end of the day I was contacted by the State Revenue office notifying me of fines due.

I believed that paying bookkeepers and accountants kept them doing the right thing. I was wrong. They are not liable for any fines. Make sure to double check any work and take control of your business.

Managing Entreprenuer Risk

Risk is inherent when the monthly paycheck is no longer direct deposited. Starting your own business you are accepting a certain level of risk. Managing those risks is the Entrepreneur's goal. An Entrepreneur is the eternal optimist, but at some point in time, usually when the bills come in there is a level of reality that needs to be addressed. The best source is an Entrepreneurs network of friends and family. Take the time to sit down and discuss where you business is. Think about what other alternatives there are, what you might be missing, or what you are doing well. Make sure before you max out your credit cards you have a thought out plan and goal and steps to get there. Do not just think about making 100,000 per year, but think about what needs to happen to get you there. Manage risk and build a better business.