25 Feb

Stop Lending Your Customers Money Interest Free

 

Imagine your customers asking you for a loan.  They want you to not only lend them money but they don’t want you to charge them any interest; AND, they want several months to pay you back.  When you allow customers to owe you money, your accounts receivable, and they don’t pay you back for two or 3 months, or even longer, that is what you have done.  You have given your customers an interest free loan.

The negative part of this is that you don’t have the cash to operate your business.  You don’t have the cash to pay your bills, pay your employees, pay your rent.  You may not even have the cash to pay yourself.  That is not the reason you went into business. 

There are many things you can do the remedy the problem of slow paying customers  How you manage your accounts receivable, how your structure them and even how you allow some customers to pay you over time is entirely up to you.  Yet obviously the faster you are paid for your goods and services, the better off your business is.

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18 Feb

Now It’s Time

 

When you started your business most likely the last thing on your mind was when you were going to pass it on to your children or sell the business to someone else.  In a perfect world that should have been the time you also started thinking about your succession or exit plan.  Succession plan simply being the process you would use to pass the business on to most commonly a family member.  Exit plan being your selling the business to another party.

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11 Feb

Business Success – Who is going to Help You Get there?

 

Business Owners and Leaders, even when highly successful, need help.  For some, the pool of available assistance is almost unlimited and for others, it can be very limited.

We all occasionally need assistance.  New approaches, new ideas or even a different way of using old approaches and ideas are beneficial to us.  The old adage “I can’t see the forest for the trees” can be very real.

Many people choose to use Consultants.  Consultants are great resources for problem-solving, special projects and augmenting your existing internal staff.  Yet, they aren’t always the best solution.  Sometimes a Business Coach is a better solution.

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04 Feb

Slow Hiring Hurts Your Business

 

As I travel around my state I am seeing something that many haven’t seen in decades or that some of us saw in old movies.  Driving through towns you see “HELP WANTED” signs in business windows and hanging from their buildings or fences.  In some sectors, the need is so huge that businesses are turning down orders or cannot expeditiously meet customer needs because they don’t have the workers to do it.

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