When you have been reading the paper, watching the news or listening to the radio recently, you’re probably familiar with the news about the President and Congressional leaders seeking to reduce our huge federal debt by as much as $4 trillion over 10 years and raise the debt ceiling simply by August 2nd so we don’t arrears on our debt payments.
I have numerous opinions on both our careless investing and borrowing practices, none of that are positive, however , there are two training I want to share with you today relating to this news.
The first lesson is about how this might affect your small business. According to the Wall Street Journal these days, as part of the compromise to cut spending, significant reductions in tax breaks and deductions for businesses are likely. Which means less tax breaks for your small business.
Is this surprising? Not in the least. Each time the government needs money, they come working to the small business person with their give away. We’ve seen higher state fees, more fees, more licenses and enables required, and more regulations to carry out operating a small business.
So the first training is you need to realize that in order to be prosperous, you need to be self-sufficient. That is, you need to rely on yourself to find the solutions to create a flourishing business. The government certainly is not helping you by creating all of these hurdles which make it difficult to operate. And our financial system certainly isn’t helping by making it nearly impossible to secure a small business loan, which would surely help many companies with their cash flow problems.
And that brings me to lesson #2, how to create your own cash flow.
Cash flow will be a major challenge for small businesses in today’s economic climate. So here are a few tips to help you become more self-sufficient, increase your cash flow and ideally make it easier to operate your company.
one First, and you’ll continue to hear me harp on this; make sure your books and records are always up to date and precise. This is something you can control and the ones things that can be controlled should be managed 100% of the time.
2 . Create a spending budget, follow it and update it regularly. Then compare your budget, at least monthly, to your actual records.
3. If you extend terms to your customers, ensure they pay you timely. When the terms are net 30 days, on day 31, kindly remind all of them that their payment is due. Companies that are efficient with accounts receivable calls are usually the first ones paid. Also, if necessary, consider offering early payment discounts. For example , a 2% discount if the bill is paid within 10 days.
4. Establish conditions with your suppliers. This is one form of credit, which still exists for small businesses. This applies not only in order to suppliers of raw materials and products, but also to office supplies as well as other administrative expenses.
5. Be very selective with advertising and marketing costs. I suggest staying away from traditional advertising and focus more on face to face networking and getting associated with charitable and local networking businesses. Track each lead so you know where your time is best spent.
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Every time you leave the office, deal with every person you come in contact with as a potential customer. This could be at the grocery store, at a ballgame, or a child’s event. The more people you meet and speak with, the more opportunities you will create for a potential business opportunity. This type of marketing costs nothing; And
7. Think of ways to produce what I refer to in my special forty two page report as the “most powerful revenue generator known to small businesses, repeating or continuity revenue. Try and create products or services that your clients can use frequently. Once you create this stream, a person create a continuous cash flow.
Always remember you have all the tools you need to create whatever you want in life. You have the ability to end up being self-sufficient and create a thriving business. So continue to work hard and learn as much as you can from the experts around you that have obtained the success you desire