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Entrepreneur Tips for Putting Profits First
By Jake Young on 2009-12-04 16:08:53
Profits are everything for small business owners and you must be vicious about collecting your cash or you'll soon be on the streets. Collect what is owed and do profit/loss sheets weekly, make cuts and run your business like it's downfall would be your life's demise.
Ignore the sweat equity, you work hard for your money so pay yourself accordingly. If you don't treat yourself to the money you earned, you're doing all your labor and services for free - give yourself that salary.
Stick to the plan. Instead of fibbing that you have a real financial and operating plan, set forth your own profit goals and use iron clad fiscal discipline. You should set a budget that is reasonable for your business to use in a year and adjust your expenses daily, weekly and/or monthly to keep your budget on track. If an employee takes too much, hold them accountable and expose the leaks.
You aren't in business to pay your vendors, each day is a hand-to-hand combat to cover costs. Use your landlord and vendors as a source of reliable cash and never pay them on time. If they know they will get paid, they would rather be paid late than get new tenants and be unsure about getting paid. Be sincere with them and stall your payments in a polite and orderly manner.
If you are having difficulty, file bankruptcy before your debt goes too far. This will take a strong stomach, but will allow you to become a better person by freeing you up with as much as 90% of the debt. If you make this move before your assets and cash flow run out, you will also have a much better chance at having a successful Chapter 11 Reorganization.
Being a successful entrepreneur with real profits takes unwavering dedication to your business and depends solely on how hard you work and how smart you work in both good times and bad times.
Ignore the sweat equity, you work hard for your money so pay yourself accordingly. If you don't treat yourself to the money you earned, you're doing all your labor and services for free - give yourself that salary.
Stick to the plan. Instead of fibbing that you have a real financial and operating plan, set forth your own profit goals and use iron clad fiscal discipline. You should set a budget that is reasonable for your business to use in a year and adjust your expenses daily, weekly and/or monthly to keep your budget on track. If an employee takes too much, hold them accountable and expose the leaks.
You aren't in business to pay your vendors, each day is a hand-to-hand combat to cover costs. Use your landlord and vendors as a source of reliable cash and never pay them on time. If they know they will get paid, they would rather be paid late than get new tenants and be unsure about getting paid. Be sincere with them and stall your payments in a polite and orderly manner.
If you are having difficulty, file bankruptcy before your debt goes too far. This will take a strong stomach, but will allow you to become a better person by freeing you up with as much as 90% of the debt. If you make this move before your assets and cash flow run out, you will also have a much better chance at having a successful Chapter 11 Reorganization.
Being a successful entrepreneur with real profits takes unwavering dedication to your business and depends solely on how hard you work and how smart you work in both good times and bad times.
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