Why Is It Important To Have A Cash Flow Plan 6 Top Tips for Business Start Ups

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6 Top Tips for Business Start Ups

KEEP YOUR CASH FLOWING

Cash flow is extremely important and is the biggest problem for small and growing businesses. Lack of cash flow is the number one reason small businesses fail. Always make sure you have enough money in the bank to enable you to carry out the day-to-day essentials required to run your business. If cash flow is tight, try raising funds from sources like banks, family and friends, crowd sourcing, or even local businesses that often invest in small businesses for publicity benefits. If you know you have a cash flow or liquidity problem, you need to address it now because leaving it to chance or chance will lead to business failure. Too many business owners run their business as an extension of their personal finances. This is a really bad idea, learn to keep the two separate.

ADMIT THAT YOU DON’T KNOW EVERYTHING YOU NEED TO KNOW ABOUT BUSINESS

First of all, admit that you don’t have the skills to do everything you need to do to run a successful business. None of us really know everything about everything, even if we’d like to think we do. With this thought in hand, it’s a good idea to decide where your skills are lacking and do a small amount of training just to understand the basics, then hire someone who can. You don’t need to hire employees who will significantly increase your overhead costs; you can actually hire really good freelancers from online sources like Fiverr and Upwork.

ARE YOU YOUR OWN WORST ENEMY?

Most of us like to be in charge of our own future and certainly our own business. Relinquishing control, even just a little bit, can leave a feeling of emptiness and fear. It doesn’t have to be that way. You can maintain control while allowing those who can perform the duties they need to perform. Freelancers are very capable people and know their subjects well, hiring freelancers instead of employees can help you keep the control over your business that you want, while getting the job done faster and cheaper.

LISTEN TO YOUR CUSTOMERS

Why we tend to think we know what our customers want, but we don’t because we rarely listen. Too often we continue to look at it from a sales point of view rather than a consumer point of view. Once you put yourself in the customer’s shoes and pay attention to what the customer actually wants and needs, you’ll likely find out that what you’re delivering needs to be revamped.

Everything revolves around the customer, what the customer wants and what he gets. In short, all a customer really wants is a product or service that meets their needs, is value for money and is delivered with excellent customer service. It actually amazes me how little most small business owners value their customers. Not only is their feedback critical to you delivering what your customers need, but also to their referrals and repeat business.

LISTEN TO YOUR FEELING, THEY ARE NEVER WRONG

Our own instincts or feelings are rarely wrong; the problem is that most of us ignore them instead of using them as valuable decision-making tools. Too often we are left to say; ‘if only’ when we make a bad business decision. My advice is to listen to your gut feeling, do some research and then act on the facts.

RUN YOUR BUSINESS LIKE A BUSINESS

If you don’t know your income, expenses, capital requirements, profit (gross and net), debt, cash flow and tax rate, you’re off to a bad start. The first principle of business is to get the money right. Once the money aspect is working properly, you will be able to work on other aspects of your business.

If you don’t learn to work effectively with other businesses, i.e. through effective agreements and contracts, you will fail sooner rather than later. People always have good intentions, but sometimes life gets in the way and people don’t keep their side of the bargain. Protect yourself and your business with effective contracts and agreements. Always protect yourself when dealing with businesses and customers.

If you have intellectual property, make sure you protect it. If you don’t have the means to copyright or trademark your IP address, there is very little you can do to protect your IP address. You just need your drafts, two envelopes, a solicitor/attorney and a stamp. Secure your signed and dated designs in an envelope marked “for court proceedings only” Date and signature on the envelope. Put it in another envelope and mail it to your attorney with a message on the stamp that reads, “Open for court proceedings only.” Make a duplicate, mark it as a copy and send it to yourself. Remember to inform your solicitor that the letter will be arriving and that it must remain safely in their safe deposit box until needed or they may open it and you will have to start the process all over again.

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