Should-a, Would-a, Could-a, ...Are You That Business Owner or Entrepreneur

Entrepreneurs are persistent, and yet vulnerable.  When an entrepreneur is locked onto an idea or a thought, they will stop at nothing to see a project succeed. Entrepreneurs think “Do Now”- develop the plan along the way.  In the beginning there is only one direction and that’s up-maybe you take a couple of hits along the way but that’s all part of the journey. The plan that should not be developed along the way is your “Getting Paid Plan” 

The start-up phase of anything is exciting- it’s dealing with the bumps and bruises along the way that if you are not prepared can leave you and the business vulnerable or even bankrupt.  What is the most important aspect of a business? Is it sales, marketing, or cash flow? It’s all of the above if you don’t market the business; there are no sales thus any cash flow. The guru’s say “If You Don’t Plan-You Plan to Fail” are the so called guru’s giving you the complete “Plan For Success”?  

It has been my experience that most businesses fail due to cash flow management- what I mean by that statement is  entrepreneurs don’t think about policies and procedures until it is too late. In the beginning you should be thinking-what are my policies and procedures if a client is not paying me, or is a slow or sporadic payer, at what stage should I consider outsourcing, what skill sets if I hire an accounts receivables representative have, what resources are available for credit & collections training, how much money am I losing if the receivables stay on my books etc..  There is not enough emphasis placed on Entrepreneurs and Small Business owners to get the education they need in order to efficiently and effectively manage their accounts receivables.   

As I have stated in the past most small business owners and entrepreneurs are reactive in nature instead of proactive.  You should of done-ABC, which would have done-XYZ and prepared you to handle obstacles that came your way that could have yielded a more positive result.   At some point entrepreneurs, small business owners and the gurus should stop take a step back and realize just how important it is for businesses to have a plan in place for their credit and collections.  Oh-how does that saying go “If You Don’t Plan-You Plan To Fail”

Let’s Get It Right The First Time

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Kenneth Grayer