I hope your Easter break was restful and if you are like me, a Christian, that you celebrated the freedom we enjoy today because of the death and resurrection of our Lord. I celebrated my Easter break with my spouse, spending quality time and also being highly social even watching two or so movies together.
During the break, I met a few friends and the common thread in the conversations was about cash and financing business’s for growth. I guess many entrepreneurs are feeling the pinch as there are no easy loans at the banks, and when a loan is available, it is generally expensive. What this is telling me is that this is not the time to be careless with your business or how you are managing your cash flow.
Follow these 6 success steps and experience a better economy in your business.
1. Plan ahead as much as possible. You know your peak periods, spare cash to run the business during that period.
2. Manage customers who pay later at a minimal. Following people for unpaid debts is costly.
3. Start using just in time systems if you can: Do not over stock products.
4. Keep your expenses in check!!!
5. Be careful when borrowing. Do not borrow for consumption in your business, you are likely to fail in paying back. Rather borrow to finance an order or an asset that will generate income.
6. Find creative ways to inject cash in your business: start with your personal funds, friends and family and move to other sources such as bank, venture capital etc. They are many avenues you can get, locally or internationally.
Have a great week, and looking forward to a great quarter 2 of the year.
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Love and blessings!