Summary of Discussion Topics:
- The seasons of photography regarding the on/busy season, and the off/slow season.
- Planning for the off season’s financial slump.
- Budget is not a dirty word.
- Setting up a slush fund or overflow account.
- Important spending and saving habits to adopt in your business.
- Diversifying your practice to make ends meet.
- Evening out your cashflow coming into the business by restructuring your deposit schedule.
- Evening out your spending by leasing or financing equipment.
- Considering bank reconciliation, fixed/variable expenses, taxes, projections, etc.
- Knowing what you can afford.
- The value of hiring a bookkeeping.
- Promotions and opportunities to provide your clients with a great ‘deal’.
- Planning your marketing and promotions calendar to increase your offseason cashflow.
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