In this episode we talk about managing cash flow. This is an important topic, especially considering the Covid-19 pandemic and the effects on the global economy. Cash flow can also be tricky in general since we sometimes, or often, do not have a regular or even income. Cash flow is the amount of money moving into and out of a business. Having positive cash flow, meaning more money coming in than moving out, is vital if you want to have a stable business and peace of mind. In this episode I interview a fellow translation consultant, Moira Monney. She is the host of the Marketing Success Summit in 2019 and the Financial Success summit in 2020 for translators.

What we talk about in this episode:

• How to handle an irregular cash flow as freelancers
• What we can do about cash flow issues caused by the Covid-19-pandemic
• Systems and tools to manage cash flow, customers and accounting
• How to manage our salary and savings
• Tips to ensure payment from clients
• Tips to avoid feast and famine cycles

Useful links mentioned in this episode:

• Profit First Book by Mike Michalowicz (get two chapters for free)
• LSP.Expert – 30 day free trial – 15% discount code for subscription – TESS20
• Paymentpractices.net – Free 7 day trial – annual fee $20.00
• Moira Monney’s business website
• Financial Success Summit website
• Contracts for Translation Services – Interview with Amanda Williams

If any of the listeners are like me, a word nerd but numbers averse, we really can benefit from these tips. A huge thanks to Moira for her insights. The ability to manage cash flow is critical to freelancers that want sustained success. Having systems in place sure helps, especially when managing payments and keeping on top of our finances with a budget.

I hope you found some valuable tips in this episode. We would love to hear what you thought, or if you have any other tips for managing cash flow.

If you liked this episode, make sure to subscribe on your favorite podcast listening app in order to not miss any episodes and tips. Below, you can also share it with anyone you think might benefit from this episode.

Listener Shoutout:

This one is from Kembla Translations. He/she says:

Bio:

Moira Monney, translation consultant, owns and operates johnson communications, which specialises in German <> English translations in the PR, marketing and corporate communications fields. She holds a degree in Foreign Languages applied to Economics and Law from Sorbonne Nouvelle University, Paris, and a Professional Certificate in Management from the Open University. A former Marketing Executive, Moira has gained practical insight into brand strategy, international marketing and corporate communications.

Moira’s dedication to helping fellow translators create more successful businesses led to her initiating the Financial Success Summit for Translators. You can connect with her on her blog or on Facebook.

Do you want monthly free marketing and business checklists and never miss any episodes, posts or marketing tips? Then I encourage you to subscribe to my newsletter. I will not spam you. Sign up below!