I recently attended an SBDC Small Business seminar and was surprised to discover how many small businesses were financing their businesses via credit cards. I understand the difficulty of securing money for start-ups and the passion of pursuing one’s dream to have their own business move them to the desperate act of securing high multiple credit cards to get started. I don’t understand this tactic unless you have cash flow to pay off the card balances. If you don’t, you will severely damage your credit ratings. Be that as it may, if you are going this route, be aware of the high charges awaiting you if you are late in paying your bills. Read more »
BUSINESS INCUBATORS CAN BE A START-UP’S BEST FRIEND
Business Incubators Can Be A Start-up’s Best Friend If you are a start-up company and you qualify, incubators can be a fantastic resource for you in your pursuit of success. Read more »
DON’T BE BULLIED BY YOUR LAWYER
There are many occasions in the life of a Small Business where a lawyer is needed--a rental lease, a royalty contract, an employment contract, a business partnership, an investor, a lawsuit, etc. Small Businesses rarely have a full-time lawyer and staff, so the CEO hires one for the specific task needed. Here are some things to think about when hiring a lawyer. Read more »
FACTORS: How They Can Help Your Cash Flow and More
Factors finance $120 billion in receivables, yet most small and start-up businesses are not aware of them. Business schools rarely acknowledge them. However, they can alleviate your cash flow problems. They can loan you or advance you money against your receivables and in some cases against your inventory. In other words, your receivables are an asset that the lender (Factor) purchases. Read more »
BLOCKBUSTER IDEAS NOT REQUIRED
The starting point for any new venture or product is the idea. What product or service will our business offer that will be a winner? A great many people can’t get past this idea phase. It seems to me that many of them stall out because they are waiting to hit upon some kind of revolutionary new idea--a concept of such power that it will appeal to everyone. They want bells to go off in their heads. They want brilliance. They want a blockbuster idea. Read more »
THE GOLF BALLS AND THE MAYONNAISE JAR – SMALL BUSINESS LIFE PERSPECTIVE
The mayonnaise jar and life perspective. Read more »
Never Forget Your Customers
Customers are the key to business growth. Meet or exceed their expectations and prosper. The No. 1 need for business success is a customer. That's pretty obvious, so why am I telling you this? It may be obvious but most companies seem to quickly forget this essential fact. Small and startup companies desperately need customers to begin their journey to profits and sustainability. Many large Fortune 1000 companies forget the customers who made them successful. Read more »
WHERE NOT TO LOOK FOR MONEY TO START YOUR COMPANY
One of the major obstacles Entrepreneurs face in starting a new business is where to go to raise the required money they need. Read more »
CURIOSITY DID NOT KILL THE CAT; Entrepreneurs need curiosity for business success
Most of us will agree that creativity is a key element in a company’s growth and sustainability. This applies to small and large companies, start-ups, and service or product companies. Without creativity, you are susceptible to becoming a me-too company Read more »
Know What You Don’t Know
"I don’t know" is a real trust builder for entrepreneurs. People will then have confidence and believe you when you say “I know.” Read more »
BE NICE TO YOUR SUPPLIERS — II
Reward your best suppliers by creating a special club for them that you could call Suppliers Platinum Club. You could spell out the criteria for the supplier performance you expect. These special suppliers will feel honored,while getting their cah faster. Read more »
Put Up or Shut Up!
PUT UP OR SHUT UP or Practice What You Preach. This mantra has many more implications and consequences than you think. You as the owner of your own business are the defacto leader of the company. Read more »
Entrepreneurs, Be Nice to Your Suppliers!
Suppliers can be a critical component of your growth and survival. Read more »