How you can Be Self-Sufficient and Create Your Own Income

When you’ve been reading the paper, viewing the news or listening to the radio recently, you’re probably familiar with the news about the President and Congressional leaders looking to reduce our huge federal deficit by as much as $4 trillion over 10 years and raise the debt ceiling by August 2nd so we don’t default on our debt payments.

I have numerous opinions on both our careless investing and borrowing practices, none of that are positive, however , there are two training I want to share with you today relating to this news.

The first lesson is about how this might affect your small business. According to the Wall Street Journal nowadays, as part of the compromise to cut spending, substantial reductions in tax breaks and deductions for businesses are likely. That means less tax breaks for your small business.

Is this surprising? Not in the least. Each time the government needs money, they come running to the small business person with their hand out. We’ve seen higher state taxes, more fees, more licenses and permits required, and more regulations to perform operating a small business.

So the first training is you need to realize that in order to be effective, you need to be self-sufficient. That is, you need to depend on yourself to find the solutions to create a thriving business. The government certainly is not assisting you by creating all of these hurdles which make it difficult to operate. And our financial system certainly isn’t helping by causing it nearly impossible to secure a small business mortgage, which would surely help many companies with their cash flow problems.

And that provides me to lesson #2, the best way to create your own cash flow.

Cash flow will be a major challenge for small businesses in today’s economic climate. So here are a few tips to help you become a lot more self-sufficient, increase your cash flow and hopefully make it easier to operate your company.

one First, and you’ll continue to hear me personally harp on this; make sure your books plus records are always up to date and precise. This is something you can control and the ones things that can be controlled should be controlled 100% of the time.

2 . Create a budget, follow it and update it regularly. Then compare your budget, at least month-to-month, to your actual records.

3. In case you extend terms to your customers, ensure they pay you timely. When the terms are net 30 days, upon day 31, kindly remind them that their payment is due. Businesses that are efficient with accounts receivable calls are usually the first ones compensated. Also, if necessary, consider offering earlier payment discounts. For example , a 2% discount if the bill is paid within 10 days.
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4. Establish terms with your suppliers. This is one form of credit, which still exists for small businesses. This applies not only to suppliers of raw materials and products, but also to office supplies as well as other administrative expenses.

5. Be extremely selective with advertising and marketing costs. I suggest staying away from traditional advertising and focus more on face to face networking and getting associated with charitable and local networking institutions. Track each lead so you know where your time is best spent.

6. Every time you leave the office, deal with every person you come in contact with as a potential customer. This could be at the grocery store, at a ballgame, or a child’s event. The more people you meet and speak with, the greater opportunities you will create for a possible business opportunity. This type of marketing costs absolutely nothing; And

7. Think of ways to make what I refer to in my special forty two page report as the “most effective revenue generator known to small businesses, repeating or continuity revenue. Try and generate products or services that your clients can use frequently. Once you create this stream, you create a continuous cash flow.

Always remember which you have all the tools you need to create whatever you want in life. You have the ability to end up being self-sufficient and create a thriving company. So continue to work hard and learn just as much as you can from the experts around you which have obtained the success you desire

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