The 10 Rules of Business

Here are the 10 rules of business:

  1. Don’t run out of cash
  2. Don’t run out of cash

#s 2-8 don’t matter

You can have substandard product, rude sales people, sloppy manufacturing and still survive (for a time).  Heck, you can even kill your customers as Maple Leaf Foods has shown us (9 deaths confirmed, 11 suspected due to an outbreak of listeria), and still stay in business.

The one thing you can’t do is run out of cash.  Nearly 60% of businesses that went bankrupt in the U.S. during the past 5 years were profitable when they declared bankruptcy.

So pay attention to how cash is flowing through your business.  Stay current on receivables, fix mistakes and look for ways to save money.

All growing businesses suck cash!

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