An economy like this one we have puts start-up founders and entrepreneurs to the test. When the economy is good fast sales tend to mask underlying problems in your business that may not be getting the attention they deserve. Suddenly problems start surfacing and you can very quickly get yourself into trouble and even end up shutting your doors for good.
The other day I heard a business coach being questioned by a radio journalist about the type of problems that most businesses are facing. The coach mentioned that one of the biggest issues is cash flow. This comes as no surprise because in this hard economy customers who have credit with small businesses are paying later and suppliers want to be paid sooner and are more reluctant to dish out discounts. But the real issue is sales. When sales are slowing because customers are postponing purchases, making do with what they’ve got, sales tend to take a nosedive. Continue reading “What are the top three issues in your business?”