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Good times are preceded by bad times and vice-versa. That doesn’t mean the end of world for any of us. It’s a cycle we all come to accept, don’t we? However, payments have to be made in the lap of uncertainty, employees to be paid, creditors to be paid and the quest for a tidy profit that the business exists for in the first place, are all strong reasons not to let circumstances get the better of you or your business.
If you were just an individual, counting on Ms. Fate to allow things to happen and un-happen in your life is perfectly acceptable – simple because no matter what happens you bear the responsibility for it.
Not with business. So what should you do?
- Keep Cash Coming In: One of the most fundamental things to do would be to ensure that cash is always coming in, no matter what. If the wells of your normal cash flow sources seem to be drying up, find new wells. Seek new sources for generating cash flows at all times – in fact, this should be your only job as an entrepreneur.
- Reduce expenses and do smart business: While you keep working hard to generate cash, you must be able to reduce your expenses. No one gives a damn if you sit on a stool and do business or occupy the empire state building. No one cares about the huge mahogany desk, air-conditioning and anything fancy in your office. All people care about is “what’s in it for them?”. Give that to them and go laughing to play golf later.
- Manage profits: It is important as to what you do with the money coming in the form of profits. Spend too much of it and you know the obvious. Spend too less and not invest back into your business, again you know what happens. That’s why it is important to manage your profits well, stay invested in the business to an extent and find ways to make money work for you.
