Operating a successful business in today’s economic times is difficult, even for a well-managed company. Now, add the complexity of the worst recession since the Great Depression. It is no surprise that commercial bankruptcies, among the nation’s more than 25 million small businesses, have increased by approximately 44% from the third quarter of 2008 to the third quarter of 2009, according to Equifax Inc. So what is a business owner to do? Avoid these SEVEN DEADLY SINS!
1. Cash Flow. “Cash flow projections are too complicated to prepare and even more complicated to understand. I don’t have the time or the money to have one generated periodically.” If I had to pick THE DEADLIEST SIN, this would be it. Too many business owners become so focused on generating sales or cutting costs, they lose sight of their cash. Before they know what happened, they find they can’t make payroll or pay their suppliers. The business comes to a grinding halt until this problem is resolved, or it eventually becomes another bankruptcy statistic if the cash flow problem is not resolved. Baca entri selengkapnya »
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