Cash Flow Management
Nothing is as important to a business as positive cash flow. As I often tell my students, “For any business, depending on the entrepreneur’s gender, positive cash flow is King or Queen!” Without cash, an entrepreneur will not be able to buy inventory or equipment, make payroll, pay bills and utilities, or repay debt. Cash is necessary not only to keep a business going, but also to grow the business. Seth Godin, who is renowned for his digital marketing insights, founded Yoyodyne, an online direct-marketing company that he later sold to Yahoo! for $30 million. As an entrepreneur who bootstrapped his business for the first few years, he notes that happiness for a business owner boils down to one simple thing: ...