9 Tips for Increasing the Odds of Your Success in a Small Business
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College Administrator William A. Ward once said, “There are four steps to achievement: Plan purposefully. Prepare prayerfully. Proceed positively. Pursue persistently.” Use Ward’s advice while pursuing the following tips.
Tip #1. Stay current.
Join industry associations related to your product or offering. Subscribe to the magazines that cover your business. (They are tax deductible!) Read and constantly be researching topics about your business. It’s easy on the Internet!
Tip #2. Make sure you have a financial plan.
Also work with a budget and a measurement process to keep track of how you’re doing monthly. If you don’t know where you stand financially and have no short-term and long-term financial goals, then you’re just letting fate dictate your success. (We know those odds aren’t too good.) Control your own destiny!
Tip #3. Utilize cash forecasting.
It sounds boring and difficult, but it’s really not. Keep it simple. Look at your next three months’ projected income or revenue, then just lay next to it all the expenditures you need to keep the business running. The difference is your cash flow. You must do this to avoid surprises. Most businesses hit the brick wall because they fail to understand their cash flow.
Tip #4. Create an advisory board or find a mentor.
Sounds crazy for a small operation? It’s not! The board can be made up of family members who you t…IBPA Members – Click here to view the full article (login required).
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