Archive for the 'Just-In-Time Inventory' Category

The evolution of small business dreams

The British playwright, William Archer (1856-1924), once remarked to a friend about how a “perfect plot” had played out to him and “evolved” in a dream one night. He saw “the whole thing, from beginning to end,” and when he awoke, put pen to paper.

Small business owners know about this kind of dream. It begins with what I call the founding dream, which is the first time an unconscious entrepreneurial inclination pops upon our consciousness radar screen.

At first a founding dream may be barely perceptible. And when one is remembered for the first time upon waking, the awareness is often more troubling than remarkable: What does this mean? What do I do with this?

But if the mind and the spirit are receptive, a founding dream “evolves” into more than a blip on the radar. Subsequent dreams become less impressionistic and more real. Animated dreams come next. Your nocturnal entrepreneurial visions play out with an actual cast of characters - sometimes in Technicolor.

Now you’re well aware of, and more comfortable with, your small business dreams and you start to do a little day dreaming. Day dreaming is the first step in the due diligence process - the research. You start asking lots of questions: What if….? How do I…? Where does this…? Who can…? When should…?

Ultimately, as the answers to these questions are revealed and accumulate, you begin to make your entrepreneurial dream become reality; you actually start living the dream of owning your own business. At this point the start-up dreams will stop. Since you’re now living your dream, why dream about it, right?!

Your founding dream now has a name, address, phone number and a tax ID number. It has “evolved” into the “perfect plot” for your small business.

The Small Business Survival Song: Cash is KING!

You know how you will hear a song that you absolutely can’t stand – on the radio or someone whistling it? And for the rest of the day you can’t stop it from playing, over and over and over again in your head. It’s maddening, right?

Well, there is a song that I want to introduce you to which I call the “Small Business Survival Song.” I don’t care what melody you put under it, but for the foreseeable future, here are the lyrics that MUST by constantly playing in your head: Cash is KING!

These words are actually the second part of this short song, which goes like this: “Profit is the Queen of business, but Cash is KING!” But right now, and for some time to come, profit is not your prime motivator – your prime motivation is CASH!

For at least the next 12 months, you must live, eat, breathe, sleep and dream these most fundamental of all entrepreneurial survival lyrics: Cash is KING!

When you’re spending money on anything – and I mean ANYTHING: Cash is KING!

When you’re considering a new contract or renewing an old one: Cash is KING!

When you’re making a sale on terms, regardless of who the customer is: Cash is KING!

This week I interviewed two outstanding cash flow management experts on my small business radio program, The Small Business Advocate Show. The first one was Tom Markel- founder, chairman and CEO of ibank.com- who’s especially knowledgeable about cash and credit. The second interview was with Phil Holland, founder of My Own Business, Inc., who is an expert on small business start-up and growth strategies.

Both of these members of my Brain Trust offered several outstanding tips and best practices when it comes to that song I’m trying my best to get stuck in your head: Cash is KING! Invest a few minutes to learn what just might be the difference between surviving and, well, you know. And be sure to leave a comment, if you want.

Tom Markel’s interview: Phil Holland’s interview

By the way, did I mention that Cash is King?




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