How to successfully use a business line of credit

Money tug of warIt seems to me that no manufacturing business can really survive without a credit line of some kind.  It’s a simple fact that if you are producing a product, you must pay for the materials to make that product long before you will be paid for the final product unless you can manage collecting payment in full when you receive the purchase order from your customer.

Most of your customers will ask for and deserve payment terms of some kind.  These payment terms usually state something like “Net 30 Days”.  This means that the customer promises to pay for the goods invoiced in 30 days from the date of the invoice.

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Solopreneur: Are you making a profit or going down the drain?

Making ends meet
How far apart are the ends?

“We’re going down the drain!!”

That’s what the desperate voice quavered. I could only imagine the fears that clutched at this woman’s heart.

This couple has a small business that they work together. And they knew that something was wrong because it was becoming increasingly difficult to make ends meet. They were both working hard but the apparent bottom line just wasn’t what it should be.

I say ‘apparent bottom line’ because they did not really know what the bottom line was.

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How to use yellow stickies as a project management tool for follow-up and follow-through

Yellow stickies for project management
I love my yellow sticky system…

Good follow-up and follow-through involves doing what you told someone else you would do and/or making sure that someone else is doing what they told you they would do.

Following up and following through is crucial for sustaining a profitable business. I happen to love my yellow sticky system for this purpose because the older I get the less able I am to keep my business milestone dates in my head.  In fact, no matter what your age, you should have a system that does not rely on your memory!

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Why I use yellow stickies in my calendar to run my business

Yellow stickies work for reminders
Yellow stickies make up a key part of my system…

You have probably figured out by now that I am pretty much “stuck” in my low-tech way of doing things.

It’s not that I don’t appreciate or have some rudimentary understanding of all of the wonderful tracking systems available to us in the myriad of programs that can be placed on electronic devices.  It’s just that all of my manual, antiquated systems seem to still work pretty well.  Others may claim they are not especially efficient, but I understand them.  When I follow the rules that I established for them, the systems continue to work well.

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Apply “Business Love” for greater success as an entrepreneur

Business LoveNo, I am not talking here about love for your business.  Love for your business is a definite requirement but here I am talking about traits that you need to show in the conduct of your business.  This overall trait of “business love” has probably never been presented to you before so here goes.

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