Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they’re waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world. You perform a job, send an invoice, then get paid (hopefully) 30 days later
Do you know who dreads job interviews the most? It’s not prospective candidates — it’s entrepreneurs. The hiring process can take several days of your time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates to find the diamonds in the rough. Then, you only hope you can offer an attractive package to get the best people on board and retain them.
Time management might be the biggest problem faced by entrepreneurs, who wear many (and all) hats. If you only had more time, you could accomplish so much more!
Proper budgeting and planning are critical to maintaining cash flow, but even these won’t always save you from stressing over bills. One way to improve cash flow is to require a down payment for your products and services.
You know you need to delegate or outsource tasks, but it seems every time you do something gets messed up and you have to redo it anyway.
Far too many help wanted ads are incredibly vague in terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid.
Choosing what to sell
You know you could make a mint if you just knew what products and services to sell. You’re just unsure how to pick a niche.
You don’t know the best way to market your products and services: print, online, mobile, advertising, etc. You want to maximize your return on investment with efficient, targeted marketing that gets results.
Make time. Like money, it doesn’t grow on trees, of course, so you have to be smart about how you’re spending it.
Find good employees (see above) and good outsourced contract help, for starters. You might have to pay a little more for it, but the savings in time (and the resulting earning potential) more than make up for it.
Admit that you’re weak in identifying prosperous niches, and delegate the task to someone who is strong in this area
Again, if you’re not adept at creating marketing plans and placing ads, it’s a good idea to outsource your marketing strategy to someone who is.