|The Minding Your Own Business Network is not currently active and cannot accept new posts|
|How's Your Cash Flow?||Views: 1181|
|Oct 25, 2008 2:17 am||How's Your Cash Flow?||#|
Yes, the economy is in a bad slump and it doesn't look like it will be over anytime soon. The truth is though, that many small business owners face cash flow battles each and every day. Trends show this problem has crossed the 50% threshold -- half of small businesses are having cash flow issues.
What about you? How is your business doing? Are you struggling in this current economic mess? What help do you need? Take a minute and add your question or issue here and we'll do our best to help you through it.
And in the meantime, it might help you to take a look at a couple of recent articles I wrote to help people like you.
Ok. Time to talk about your issues. Post it now and we'll help you out.
MYOB Network Leader
Follow me on Twitter: http://www.twitter.com/deniseoberry
Private Reply to Denise O'Berry
|Oct 25, 2008 2:50 am||re: How's Your Cash Flow?||#|
So for we are doing as well as we ever have and I think there are two main reasons. First, we started very small (about 4 years ago) and for the 6-9 months or so we put everything back into the business and therefore have never needed, nor have we used, credit. Second, we have a very diverse customer base. I have a feeling that the small business that started in the last 1 or 2 years may be having the most difficult time. Those first months and/or years are challenging enough without adding to it an upsidedown economy.
Preserve Every Precious Detail!
Private Reply to Sheila Daraitis
|Oct 25, 2008 6:40 am||re: How's Your Cash Flow?||#|
|We're doing well in our business. It's counter-cyclical in that when times are tough more people need some help in getting paid on time.|
We had 59 new small business clients sign up in the last 2 weeks. Great for us but an indicator that you're spot on with your comments. Businesses have more slow paying clients now than ever before. This needs careful follow-up to reduce late payments and prevent them turning into bad debts.
Private Reply to Peter Bowen
|Oct 26, 2008 10:27 am||re: re: How's Your Cash Flow?||#|
I appreciate your very timely, much needed, initiative.
Getting software developed at offshore has been a great cost-saver employed by many businesses. I offer our Offshore Software Development Guide as a highly useful resource on this subject.
I'll also be happy to answer any questions that the network members may have on this subject.
Web application/ Software solution development - http://www.acism.com
Private Reply to Ashish Belagali
|Oct 27, 2008 4:01 pm||re: How's Your Cash Flow?||#|
|Over the years the best advice I have been able to give my clients when a recession wants to kick in is to do away with reading the newspapers and listening to the news. I also tell them to stay away from the coffee shops. |
I know this is hard to do, but the idea is to not let ourselves get discouraged or get our energy sapped out by all of the negative views out there. Most people have the know how to survive and do survive when they focus on running their business rather than reacting to bad news.
Private Reply to Denis Fillion
|Oct 28, 2008 3:39 pm||re: re: How's Your Cash Flow?||#|
|Denis, I have to agree with you. If you focus on the bad news coming in each day, you are subject to having discouragement, depression as well as a lack of motivation to fight what seems like an impossible battle. |
As for the cash flow issues, I've always had a constant feast or famine going on in the VA industry. So it's hard to tell if any slow down is really due to the recession or the normal ebb and flow. If nothing has increased in the next six months then I will have to admit it is due to the recession. However, if before the end of the year, I'm up to my eyeballs in work then it will just be the norm.
I'm so glad to hear so many of you are continuing to do well and thank you for letting others know it's not all gloom and doom. Take care and God bless.
Gazelle Simmons, Virtual Assistant
Owner of Admin Services, http://www.admnsrvcs.com
Melaleuca Rep, http://www.melaleuca.com
Private Reply to gazellems