Anyone who is or has been in business has felt that not in their stomach when all seems hopeless and overwelhming. While I’m not dismissing the emotion involved or the times when this is a real realty you can’t escape from and all one can do is hang on. I do think many give up to early and others get to tied up in the fog and forget the fundamentals of what makes a successful business. Biting down and pushing through and doing what no others will do is often the cure.
Here is just a short list of tips to keep you focused.
Cash is king
If you are hard up in your business it is normally because cashflow has dried up. Lack of cashflow can be a killer for any business. This is especially critical if you are poorly funded, e.g. your a small single person startup business. Often the panic will set in and you’ll start chasing your tail for some type of fix. Worse still you spend more money hoping for a dream.
The cure
Only expended your efforts and staffs efforts on instant cashflow producing activity. Nothing else! This is critical do not lift one finger unless it is going to produce profit short term!
Stop spending on dreams. Stop spending.
Ask for more time from venders you have a relationships with. But do not over promise, if you ask for time 100% make sure you pay that debt on time.
Keep creditors happy that you need to use, to generate income, from their before all others.
Chase your debtors, in the most efficent way possible. Do not expend more than minimal effort unless you 100% know it will pay off. If in doubt leave it until later.
Attack the projects you can finish fastest that will pay fastest first. Don’t be afraid to say this to a client, such as if I finish this today can you pay me today? Put everyone on that one project finish, then grab the next fastests to finish project and so on.
Live your life like this White Stripes song
Beware white knights who promise the world. These people come out of the wood work when you are on your knees. Ready to take advantage when you gaurd and reasoning power is at an all time low. I just recommend not spending in such times, unless it’s a proven method that has historically always been good.
Work all night and weekend. Do what ever it takes. But be warry that you are staying productive and sharp. There is no point working all night and then being a zombie for two days. Also be mindful your doing it to met a goal, not just being stuck on a treadmill. After all we are business for betterment not to work for $5 an hour.
Once you start getting your cashflow back start to future proof yourself one little step at a time. I don’t mean spend money on pipe dreams. I mean start to work on the longer term sales. Start to work on things that will make it easier (meaning less time and effort, price cutting) to convert your average customer. Things like reviews and improving the public appearance of your business with a profit first approach. Meaning, again only spending money on stuff that will directly effect your conversion and cashflow.
Stay focused on spending every minute on only doing stuff that generates instant income and nothing else.
