Contributed article in our business series. Enjoy! – Kimberly
Contributed article in our entrepreneurial series. Enjoy! – Kimberly
Starting a new business is an exciting but busy time. Your to-do list is as long as your arm, and unfortunately, you only have a limited number of hours each day to achieve them. It can be overwhelming, but you need to have the discipline and resilience to carry on and make an impact.
New entrepreneurs are vulnerable to making the same mistakes time over, and so you need to be vigilant that you don’t fall into the same trap. Here are three mistakes that you need to avoid.
- Not Understanding the Value of Money
Startups invariably have limited cash flow, and that means that money is at the forefront of every decision being made. New entrepreneurs typically fall into one of two camps: those that spend money freely to make more money and those that spend the bare minimum. You must understand the value of your money.Continue reading
Contributed article in our startup series. Enjoy! – Kimberly
Cash is the lifeblood of any business. To use a medical analogy, think of your business as a heart. The cash flows in via paid invoices (the veins) and the cash flows out to creditors via your ‘arteries’. If you have a blockage in a vein, it starves the heart of oxygen. This is not good. You might limp on for a while, but unless the blockage is cleared, your heart (the business) will stop beating.
Unfortunately, many small business owners don’t pay close enough attention to their cash flow. They are too busy marketing their products and services, schmoozing new clients, and expanding the business to think much about whether existing clients have paid their invoices. It’s only when the cash dries up and they don’t have enough money to pay a creditor that panic sets in
Why Cash Flow Matters
Negative cash flow is the main reason why businesses fail. Statistics continually show that 90% of all businesses fail in the first year. Those that do survive will fail within five years. In the majority of cases, a lack of cash flow is the reason why it all goes wrong.Continue reading
Contributed article in our entrepreneurial business series. Enjoy! – Kimberly
“Nothing is as great as succeeding at an early age.”
Never welcome your early success as if you’ve achieved your goals, instead take it as just the beginning of the uphill struggle that you need to continue doing. Settings up your own business might have been in your mind for years; however, you didn’t spend much of your time realizing the true meaning of the a famous quote by Bill Cosby, “In order to succeed, your desire for success should be greater than your fear of failure.”
Perhaps you’re not sure about your success or you have no idea whether it’s what you can call “Success”. Let me finally ask you, “Did you achieve “The Milestone” on your path that eventually turned out to make you proud of yourself?”Continue reading
Once an entrepreneur gets into the construction business, they soon find out that the business is not the easiest one to survive. It’s an exciting business to be sure, and there are lots of ways to make big money, but there are also lots of important decisions to make. One of those essential decisions is about whether to rent or buy the equipment needed to do the job or not. The fact is that it’s an easy decision; once you’ve looked at all the possibilities, it’s easy to see why hiring equipment makes so much financial sense. The advantages are simply too numerous. Here’s a short round-up of how equipment rental or plant hire services can benefit your start-up enterprise.
Image attributed to jk1991/FreeDigitalPhotos.netContinue reading