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What do you do if your income as a self-employed facility manager is inconsistent?

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As a self-employed facility manager, grappling with inconsistent income can be challenging. Facility Management (FM) involves ensuring the functionality, comfort, safety, and efficiency of a building's environment by integrating people, place, process, and technology. In this role, you're tasked with a broad range of responsibilities, from maintaining equipment to ensuring compliance with health and safety standards. However, when your cash flow is unpredictable, it becomes crucial to adopt strategies to stabilize your financial situation and secure your business's future.

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Somnath Mathpati ????

Sr. Manager Business Development at Krystal Integrated Services Ltd (Your IFM & Security Services Solution Partner)

1 Budget Wisely

When your income fluctuates, it's essential to create a budget that accounts for your basic living expenses and the operational costs of your business. Prioritize necessities and allocate funds accordingly, ensuring you can cover your bills during leaner months. This may involve cutting back on non-essential expenses or finding more cost-effective solutions for your business needs. A well-planned budget serves as a financial roadmap, helping you navigate through periods of low income without compromising your personal or professional obligations.

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Jesus Caceres Romo

Analista de Tesoreria y Finanzas en Graneles de Chile SA
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From my experience: Review the client portfolio, verify payment conditions, see if the payment deadline is met, Obtain external financing, receive correct advice and compare interest rates between financial entities, Create an interest collection plan for late payment, Invest in funds mutual funds, promissory notes, deposits, etc., have a savings plan that can cover expenses for more than 3-6 months, do market research on rates and offer the best possible option, control monthly expenses, agree on a monthly budget, and finally use online platforms and social networks to contact more clients and/or qualified audiences.

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2 Save Regularly

Building a financial cushion is critical for weathering periods of inconsistent income. Aim to set aside a portion of your earnings during more prosperous times into a savings account specifically for this purpose. Consider it as paying yourself first. This reserve can help cover both personal and business expenses when client work is scarce or payments are delayed. Treat your savings as a non-negotiable expense, just like rent or utilities, to ensure that you consistently contribute to it.

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3 Diversify Clients

Relying on a single client or a few big contracts can be risky. Diversify your client base to spread the risk and create multiple income streams. By servicing a variety of clients, you're less likely to face financial hardship if one source dries up. Networking, marketing your services, and reaching out to potential new clients are all strategies that can help you expand your clientele. Remember, the broader your network, the more opportunities you have to secure consistent work.

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4 Offer Value-Adds

To make yourself indispensable to your clients, consider offering additional services or value-added options that complement your facility management expertise. These could include energy efficiency consultations, sustainability audits, or training sessions for their staff on maintaining workplace safety. By enhancing your service offering, you not only increase your potential revenue streams but also strengthen client relationships, making them more likely to retain your services long-term.

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5 Review Contracts

Carefully review and negotiate your contracts to include terms that favor regular and timely payments. You might want to include clauses for upfront deposits, milestone payments, or retainers to ensure a steadier cash flow. It's also wise to establish clear payment terms and late payment penalties to encourage prompt remittances. A contract that protects your interests will provide a more predictable income and reduce the stress associated with chasing payments.

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6 Continuous Learning

Stay ahead in the FM field by continuously updating your skills and knowledge. This not only keeps you competitive but also opens up new opportunities for income. Whether it's learning about the latest sustainability practices or becoming proficient in new facility management software, expanding your expertise can lead to additional services you can offer clients. Investing in professional development is an investment in your business's longevity and financial stability.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Somnath Mathpati ????

Sr. Manager Business Development at Krystal Integrated Services Ltd (Your IFM & Security Services Solution Partner)
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- Review your pricing strategy to ensure it reflects the value of your services. ?? - Diversify your client base to reduce reliance on any single source of income. ?? - Consider offering additional services or expanding your service offerings to attract more clients. ?? - Create a budget and savings plan to manage cash flow during lean periods. ?? - Network and market yourself to attract new clients and opportunities. ?? - Build long-term relationships with existing clients to encourage repeat business. ?? - Seek out contracts or retainer agreements for steady income streams.?? - Invest in marketing and advertising to increase visibility and attract more clients.?? - Continuously assess and adjust your business model to adapt to changing ??

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Shady Hanafy

Director of facility and general services | Facility Management Professional (FMP)|(SFP)|Top LinkedIn Voice
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From my point of view Diversify Services: Offer a broader range of services within facility management to attract more clients and sources of income. This could include maintenance, consulting, energy management, or project management. Marketing and Networking: Increase your marketing efforts to attract more clients. Utilize online platforms, social media, and networking events to promote your services and expand your client base Build Long-Term Relationships: Focus on building long-term relationships with clients who provide consistent work. Providing excellent service and maintaining good communication can lead to repeat business and referrals

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What do you do if your income as a self-employed facility manager is inconsistent?

1

2

3

4

5

6

7

1 Budget Wisely

2 Save Regularly

3 Diversify Clients

4 Offer Value-Adds

5 Review Contracts

6 Continuous Learning

7 Here’s what else to consider

Facility Management (FM)

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What do you do if your income as a self-employed facility manager is inconsistent?

1

2

3

4

5

6

7

1 Budget Wisely

2 Save Regularly

3 Diversify Clients

4 Offer Value-Adds

5 Review Contracts

6 Continuous Learning

7 Here’s what else to consider

Facility Management (FM)

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