|Planning basics - Recognizing and resolving problems||| Print ||
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A look at what to do if you're beset by any one of a number of common problems, such as with your paperwork, with your employees, or with your facilities.
Some of the most successful entrepreneurs failed several times before doing extremely well. So, if you're failing, fail. And fail fast. And learn. And try again, with this new wisdom. Do NOT give up. Yet, do not suffer, either.
Recognizing and Resolving Problems
Cash flow clogs. What to do if the cash isn't flowing in fast enough.
Be very careful not to rely on one supplier, one customer, or even one bank for your business survival.
Learn to distinguish necessary expenses from "perks".
Don't ignore the details.
Entrepreneurs generally dislike detail work (who doesn't?), but that doesn't relieve them from the necessity to deal with all the "stuff" that's piling up in the office. Keep track of your paperwork _ every small business owner should have a file cabinet of some sort. What it looks like doesn't matter _ it can be an electronic file cabinet if you're fortunate enough not to deal in printed pages. What is important is how it's organized.
If you want to organize your files by customer or client name, that's fine, but you should also have a series of general files that will allow you to file away every piece of paper that comes across your desk that's worth keeping. Get in the habit, early on, of doing the detail chores every day. A little effort daily will go a long way to reducing the problems later on. When things become so hectic that your sales or production work starts to suffer, retain some competent help to "do the details" for you.
Give some thought to an exit strategy, if you haven't done so already. This is not planning for failure; it's planning to succeed at a later date in a different way.