Five Tips for Retooling Your Business

As a business debt solutions provider, I'm finding that there are many entrepreneurs whose companies survived the recession, but are still struggling to make the bottom line.

They never turned to the real solution, which is management by the numbers -- not by the heart or gut.

Maybe you used to give your customers 60 days to pay you, or paid a noisy creditor right away because you felt bad you couldn't pay. But you don't have that luxury any more.

You can no longer afford to be sentimental. Revenues are down, competition is fierce and thus profit is reduced. The business has been in a car wreck and needs some serious triage. It's time to get smart.

Here are some steps you can take to retool your business post-recession:
•Stop being a bank for your customers. Cash is king. That means very short-term or no term payment rules for customers. In other words, give them only a few days to pay you. You can accomplish this, too, if you're an important supplier adding value. If you are not important or valuable to your customers, you better change that – quickly. Otherwise, you are floating a loan to your customers – be it for 30 or 60 or 75 days.

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