In a world where 1 out of 10 small businesses make it to 5 years, lets take a look at 10 tips for Small Businesses. I have had a close-up view of numerous business successes and failures — including a few of my own.
7. Have a cash cushion. The old adage that “it takes twice as long and twice as much money” and that translates into having excess cash. Successful business owners don’t have a rainy day fund, they have a rainy ‘year’ fund. This may also be key in a case where your receivables are months out.