Business Boot Camp, day 10 – train to be a cash flow expert
by Peter Switzer
I recently was asked by a young person who was keen to start her own business what she had to do to avoid failing? The advice was to not be negative and ask yourself, ‘what do I need to do to succeed?’
Peter Drucker said great businesses innovate to get a market advantage and then they market that innovation. But I throw in one more imperative – become a cash flow expert. Be sensational at collecting your money. You have to be professional and take lessons from accountants, bookkeepers and debt collecting experts.
Do your homework and remember you can survive a number of years without profit but you will be lucky to last six months with a negative cash flow.
What tips do you have for keeping your balance sheet in the black?
The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer and Paul Rickard the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.
Published on: Wednesday, January 05, 2011blog comments powered by Disqus