Sustaining business cash flow and minimizing your overheads are two important strategies to stay on top of in the journey to success. In this snippet of an interview between Dale Beaumont and Maggie Mason find four tips on managing your business cash flow and overheads.
Maggie Mason is the founder and director of Barcode Direct, a market leader in supplying barcoding to public hospitals throughout Australia. Through your experience you have learnt many lessons about managing business overheads and cash flow.
What are your key tips or recommendations?
- Start with minimal overheads – I think it’s very important to start with very low, or no overheads. I don’t agree with starting off with debt, interest or overdrafts, and believe that you should only spend money on overheads as your business grows and you can afford them (and only if you need them!).
- Don’t hire friends and family – often you will be approached by friends and family for employment, however, I highly recommend against doing this. You should not base your business on helping other people out, it has to be based on what the business needs – it needs to be nurtured, looked after and cared for.
- Make sacrifices – sometimes you will not get to drive the car you want immediately or move into a nice corporate building. However, these things will come if you look after your business and build strong foundations.
- Know your market – don’t start a business in an industry you don’t know anything about. If you have never worked in a restaurant before, don’t open a restaurant! You need experience and need to do your market research – does the market want your product? Is it ready for your product? What is the competition?
For more of this interview and Information on Business Cash Flow check out Secrets of Small Business Owners Exposed!.
