Here it is: credit cards absolutely rock for small businesses. Does this seem counterintuitive? After all, checks are still somehow ubiquitous and racking up debt isn’t a great strategy for sustained profitability. Yet, I wholeheartedly believe that small businesses should pay everything they possibly can on credit cards. Here are four reasons why.
Lately, I’ve had some really interesting conversations about preparation: how to recession-proof or future-proof your business, questions about having an emergency fund, etc. These are amazing questions to consider as a small business owner. Let’s dig into this. First, a look behind the curtain at which businesses are faring better right now and why. Then we’ll explore the lessons to be learned from this and how you can apply it to your own business.
Survival mode. Sometimes it’s for a little while. Sometimes it can be a longer while. Sometimes it’s not too bad and sometimes you’re not sure you can make it through. If you could figure out exactly how long you can last in survival mode and what levers you can pull to adjust that length, wouldn’t that make you feel better about making decisions?
I’m here to tell you to stop and make A/R a priority! Treat this as seriously as you would if someone was stealing money directly from your wallet, which is essentially what is happening. There are two main things to consider: What you can do ahead of time (your model) and what you can do after rendering services (your process).
“Do it now so you never have to do it again.” - Anonymous
This is one of my favorite quotes. It’s such a powerful way of thinking about delegation. Take the time now to figure it out, and then it’s off your plate! I like to think of myself as a quitter; I’m always looking for the next thing that I can pass off to someone who’s better at it than me.
