Part II of II - In last month's column, I shared some common missteps businesses make that may be the reason behind poor cash flow, in spite of having plentiful sales. The real question is, what can be done when you still have employees and vendors to pay, orders to fill, and your sanity to maintain? Many business owners become further frustrated by a polite, but disappointing, "No" from their bank when seeking a loan. Even though it may feel as though you have nowhere to turn, you do have...
A small business is a boot-strapping business in the beginning. Anything that can be done without huge expense or investment is the underlying motivation in order to realize a profit sooner rather than later. The problem with many business owners' mindsets is that they are more focused on curtailing spending as opposed to making wise investments of their time, resources and money. Could one of these five misguided mindsets be causing more harm than good in your business? 1. Friends & Family...
People are your greatest asset and you are dependent upon them in your business on many levels. Whether you have employees or subcontractors or are a services or products business, you cannot escape people. Your customers are people. Your employees and suppliers are people. The bottom line is a business cannot run effectively or survive without people. When you multiply yourself as the business owner times the people who work with you and for you times the people you serve, if managed and...