Don't Fight Over The Business

Be fair, attentive, and customers
will return.

The financial start for a business
is larger than most of us can handle,
alone. Everyone doesn't have ready
cash at hand, or a rich relative able
to supply funds. Often times, you
can't get a loan from the bank. Or,
the loan wouldn't cover all expenses.

"I've been in that situation." You
shook your head.

An option is to turn to someone that
will lend you money, for a reasonable
interest rate. Perhaps, that person
wants to help run the business.

From the start, in writing, explain
what your partner's responsibilities
are. Leave nothing to chance.

Who will handle the accounting? The
suppliers? Will someone other than
you two hire, fire, employees? One
or both of you should be on site at
all times? When a major issue comes
up, who will do the problem solution?

Tailor the questions specifically for
your business. This list should be
prepared prior to signing a contract.

The fighting, over business affairs,
is eliminated. There isn't wasted
efforts on a task(s) done already.
Naturally, the business runs smoother.
You and your partner can focus on a
profitable year.

What To Do When Your Business Fails

Be fair, attentive, and customers
will return.

Failure, as in any other aspect
of life, happens to small
businesses. Pointing the blame
finger, helps no one, is fruitless.
More importantly, push away your
hurt feelings. Take solace in, the
fact that, your best efforts were
given.

Address the situation at hand. Go
to your creditors, explain the
situation.

"A failed business makes it hard
to look at the staff, impossible
to face creditors." You lowered
your eyes to the floor.

It's not going to be easy
explaining to creditors, employees
needing their pay-check that will
never come, or your mentor who
cheered for every success.

Muster the courage to disclose
it. Don't hide behind your
mentor, family, or the pit-bull.
Advise everyone that has a right
to know.

In time, people will respect you.
The, mere, fact that you stood-up,
and chose to face the people who
trusted you, speaks about character.

Tie-up the end of business, and move
on.

Take some time to relax, do activities
you didn't have time for. Read the
book you've been trying to for three
years, visit family members, or
start an exercise routine.

Later, when you're ready, analyze
why the business failed. Was it
poor business decisions, on whose
part? Were your finances managed
by properly? What part, if any,
did you play in the failed business?

You must be honest with yourself.
If you don't find the true causes
of why the business failed, correct
them, you will continue to make the
same mistakes.

A failed business requires you be
fair with all concerned, move on
with your life, and find out why
it happened. At some future time,
build a new business.

Protect Yourself From A Thief

Be fair, attentive, and customers
will return.

"Huh?" You fixed your eyes on the
title.

A thief is a person who helps himself/
herself to another's property, cash,
without permission.

Sadly, employers, unknowingly, hire
people who are thieves.

I'm not saying, all book-keepers,
accountants, are thieves. There is
a, small, percentage lurking, that
know how to gain the trust of their
employers.

The check-book should remain under
your control. If an employee needs
a check, let him/her come to you.

It curtails anyone helping themselves
to business funds, by signing your
name. Also, you can spot when/if
too many checks have been written.
It keeps you involved with that
aspect of the business.

No one should have complete control
over funds, but you. It protects you
from a thief.

The only time you relinquish control
is when you have a partner. At that
time, you and the partner's signature
should be required.

Invest in a deposit stamp.

"What good id that going to do?" You
questioned.

A deposit stamp keeps your checks
from going to an account that has
a similar name, either, by fraud or
mistake.

The deposit stamp can read: For
Deposit In, Your Company's Name,
and the account number.

It's a must to save receipts, any
papers, from your accounting
personnel.

Criminal, back-ground, checks are
tools small business owners should
utilize. Still, errors will, can,
show-up, for one reason or the other.

Use common sense in an effort to
protect yourself from thieves. In the
long run, time, piece-of-mind, and
money will be saved.