I have been attending as many business workshops and seminars as I can lately and I am soaking up the knowledge. Building wealth has been a hot topic. How strong is your foundation, your company’s economic stability? As a new business owner, the big bad wolf may be able to blow it away… for now.
That is why I want to share some valuable tools that I have learned from the experts. Here goes: 1) It’s important to understand that cash flow is not the same as profit. 2) You have to understand why some businesses fail – unexpected growth, not enough capital and poor management. 3) Convert payments to cash quickly. In the words of one expert, be sure to make deposits daily.
In this day and age, small business owners should be able to accept mobile payments. I learned this from a friend who pulled out the square one night at a dinner party. I was going to give him a check. He said, “Oh no, I accept credit or debit cards.” He message was simple. You can’t let that money get away. I got my square shortly after that.
Please stick with me (I have a lot to say today. LOL). I have just a few more tips I recently learned about building wealth: make a decision; have vision; manage your time, skills and emotions; have discipline and don’t lose your hustle; and be willing to make that short term sacrifice. Wow! Let’s learn, listen and grow! Let’s make that foundation solid so that it can’t be blown away.