Running a small business has a feeling of liberty about it. Be your own boss, control your own destiny, make your own decisions and travel your own journey. Your work/life balance can be controlled by you and not your employer.
But there is a dark side that isn’t talked about for many small business owners. Small business as a rule of thumb is dominated by taxation and cash flow issues. What ensues is a heavy focus on credit cards and the banking system as a fix, but this transfers the problem and causes an increase in fear and anxiety.
There is a light at the end of the tunnel but you have to first see the cage you have created for yourself.
Typical situations small business get themselves into:
Spending cash that should have been accrued (saved up for) to be used for tax liabilities.
Reliance on growing your business from repeat capital raising.
Having an originating revenue business model (as opposed to recurring revenue) where you have a bad sales month.
All three lead to debt or foreclosure and inevitable stress. Here are my top seven practical actions to a better business.
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Via Daniel Watson