5 Finance Tips For Entrepreneurs To Be Successful

Image courtesy Addicted to Success

“The way to become rich is to put all your eggs in one basket and then watch that basket.” Andrew Carnegie

I’ll never forget the day I read of Wal-Mart surpassing the perennial giant Sears and Kmart. Having recently opened my business literally on Main street I penned a letter to Wal-Mart founder Sam Walton. A few weeks later to my surprise I received a letter. Now, the content of the letter has long since been forgotten. What made the greatest impression was the Sam’s Club cheap cap Mr. Walton wore along with a rumpled tie as though he had slept in both.

One would think I am mocking his attire. Not at all. Legend has it he drove an old pick up truck. Of course he also owned a plane. He began selling school supplies having worked for a five and dime store. He knew the value of cutting costs and improving service in order to increase sales and profits.

If I can give one bit of advice for financing a business it would be to do so on a shoestring. The more you borrow the more of your company you have sold. Expect success to take longer than you imagined.

Moreover, it will always cost more money. The way to make more money is to make service your competitive advantage. Notes an article in Addicted to Success:

Be ready for anything

For startup companies in any industry financial difficulties and cash flow problems can emerge as if from nowhere and start causing serious problems very quickly.

These issues can all-too easily lead to disaster unless certain contingency plans and alternative financing options are in place to guard against the worst potential impacts.

Focus on invoicing/payment procedures

It can be easy for passionate and ambitious entrepreneurs to overlook the importance of what should be straightforward processes around invoicing and getting paid by clients and customers. After all, there are likely to be far more interesting challenges to be found elsewhere within the context of a startup operation.[…]

Read full article via Addicted 2 Success.

Jim Woods, Leadership speaker, Human Resources Consultant, Business Coach

Jim Woods is president of the Jim Woods Group a strategy and leadership management consulting firm. Click here to hire Jim to speak.

He has an absolute passion for people development and are constantly refining and adapting his programs in order to ensure that they have the maximum impact on those we serve.

About

Jim Woods is president of The Jim Woods Group. A management consulting firm. Go here to see his work www.jimwoodsgroup.com. He advises and speaks to organizations large and small on how to increase top line growth in times of uncertainty and complexity. Some of his speaking and consulting clients include: U.S. Army, MITRE Corporation, Pitney Bowes, Whirlpool, and 3M. See more at his website www.jimwoodsgroup.com.

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Posted in Entrepreneurs, Entrepreneurship

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