Startups with Financial Discipline will Thrive
A room full of entrepreneurs will agree, that sometimes all it takes is a really good business idea, and everything else just falls into place. However, most of the time, the idea has to be worked and re-worked in order to turn into a well-calculated risk! Growing a business happens in stages. Like a sapling freshly planted in the ground, a new business requires a lot of attention before it is financially self-sufficient or stable. The story of the entrepreneur losing financial ground in its first or second year is a reality that may be construed as apathetic ownership or just plane ambivalence. The bottom line is, no one expects it to happen to them—and they shouldn’t… If they are keeping track of their finances correctly and exercising a great deal of financial discipline, even the toughest soil can produce a flower. Best practices for startup, after your launch: Do another solid review of your business plan. It’s important to look past the initial excitement of “lift-off”, with another hard look at your destination. When products and services sell, clients begin to notice your brand more, and as the onset of a larger bank account begins to occur, it’s easy to get Continue Reading »