Northwest Georgia - University of Georgia's Small Business Development Center: May 2010

Wednesday, May 12, 2010

Cash Is King

When you are out of cash, you are out of business. It doesn't matter if your profits are great if you cannot convert those profits into cash. We regularly see businesses making a very good profit on paper go bankrupt because they do not have the cash to pay their bills.

If you can't pay your power bill or payroll today, it doesn't matter how profitable your business is or will be in the future. Unless you have the cash, you are out of business!

You must be proactive. It is your money, after all. Know how much is owed to you and don't be afraid to go after it.

The following are a couple of articles on cash flow management that you may find interesting:

http://www.inc.com/resources/finance/articles/20050601/cashcrisis.html

http://www.inc.com/resources/finance/articles/20040901/10rules.html
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Monday, May 10, 2010

What Can the Small Business Development Center Do for You and Your Business? Part 2

We have had another client put something up on YouTube and thought you would like to see it. If we can be of any assistance to you or your business, please feel free to call.

The following YouTube video is from Terry Harris, owner and founder of Rubber Wholesalers. We have been working with him and his business for years. We hope we have contributed, in a small way, to his continuing success. Thanks Terry for the nice things you said!

http://www.youtube.com/watch?v=J7rNpDwah-U

Welcome

When you contact your Northwest Georgia SBDC, we'll connect you with an experienced Business Advisor who can guide you through our services, identify your areas of need and determine exactly which of our resources would be most useful.

Our advisors, who have over 65 years of collective business management experience, are knowledgeable, professionals who have extensive consulting experience and access to comprehensive resources to address any specific business problem.

Typical consulting topics include finance, strategic planning, marketing, employment issues, managing business growth, procurement, e-commerce and more.

Our Business Advisors have served as executives in a wide variety of industries and you can be sure that you are receiving sound business advice.

If you have any questions or would like to make an appointment, please call 706-272-2700.

Are There Grants Available to Small Business Owners?

NO!!! The first thing that needs to be said about funding options is that there is practically no grant money out there for ordinary small businesses.

Somehow the fantasy persists that there is a ton of money available to for-profit businesses that doesn't need to be paid back. The reality is that almost all grant money is awarded only to registered non-profit organizations or to businesses doing innovative research that is "in the national interest".

Ninety-five percent of new businesses are financed with personal funds (savings, family, and friends). Those who are eligible for financing still must invest in their own equity (down payment) and provide collateral.

So, if you are serious about starting or growing a viable business, you must be resourceful enough to capitalize it without "fantasy" money.

Northwest Georgia - University of Georgia's Small Business Development Center