I’m on a rant now…….
Do !
Consider gathering your Accounts Receivables (Monies owed to your company – revenue or inflow), your Accounts Payable (Capital purchases and Expenses (Assets and operating costs with 1099s for your subs if you have any – outflow), and a well written document stating the current and future business and revenue stream opportunities. Go to your bank and ask for a business loan to keep you afloat for your short term liabilities while customers/GC’s get around to pay you. If your company is set up as minority owned well then, good for you. Consider checking into the various types of corporate set ups. Protect your self!
Avoid:
Only if you really – absolutely – got to have it, go to a factoring company. The short term benefit does not help you with starting, continuing, or maintaining the proper or more suitable relationship with the traditional lenders. If you have poor credits then do something to repair or turn it around. The bottom line is that the more you run the more you have to hide, and ultimately will cost you soooo much more in the long run. If you take the proper steps today you’ll either enjoy more free cash flow sooner or at the very least, your liabilities will be less than not doing it right.
Don’t!
File personal bankruptcy unless you can get at least two of your closest friends and or mentors to verbally sign off of. You really need to have a once over conducted by those very close to you. Look for a different or better way. Once you go down that path you’ll never enjoy the perks of being untainted.
There is no doubt that our once “Fun” industry has changed and is driven by extremely demanding customer’s balance sheets that affect your income. You need to adapt and change to meet the new needs of your customers. Educate yourself with the right knowledge that will support your current and future endeavors right now. If you are not able to adapt to this landscape then get out now. You won’t ever be criticized for taking a stand or for having to upsize somebody’s order at the drive through. Remember, do whatever it takes to succeed.
I could spend hours on this subject but who's got the time anyway...So, I’m off of my soap box now………
There's plenty of
just around the corner for everybody
