Amanda

Don’t let it get you down, learn from mistakes made in business

Great entrepreneurs are good at failing. That’s what caught my attention in an article by Rhonda Abrams in USA today. Don’t let it get you down, learn from mistakes made in business. After all we all make them! And that is what I call success, taking those failures, turning them around and applying those lessons to move forward. Rhonda covers Fail Forward, Fail Fast, Fail Smart, Fail Cheap, Fail with Integrity.

To read Rhonda’s post in full click:

http://www.usatoday.com/money/smallbusiness/columnist/abrams/story/2012-04-19/small-business-know-smart-way-to-fail/54420610/1

Don’t let it get you down, learn from mistakes made in business

In fact you nearly have permission to make mistakes.

I found this great video from life & business coach Jeff Klubeck, giving a practical example on how learn from mistakes made in business and life. He talks of a mistake ROI (Return on Investment), changing your mindset and using failures as life lessons. This has been quite a revelation to me as it’s so easy to get down in the dumps with a ‘poor me’ attitude rather than, ok, I made a mistake, what can I learn from this in order not to do it again. I hope this has a similar affect on you.

Is cash flow management a problem? perhaps accepting prepayments could be an option

Is cash flow management a problem for your small business? Having enough cash to pay suppliers when due is a common issue, especially in times of

a cash flow management a problem

growth when you could be building up inventories. In her article No substitute for cash in the till, Dianne Buckner shares one company’s success with accepting prepayments as part of their business model and strategy for cash flow management. A problem no more for MacMarr, here’s what they have achieved.

Is cash flow management a problem? perhaps accepting prepayments could be an option

“Guitars are the whole basis of our business,” says Marr. “We can’t have a day when a bill is due from one of our suppliers and say, ‘Sorry, I don’t have the money.’ No guitars means no sales — and that would mean no company, real fast.”

But after a customer offered to pre-pay for his guitar purchase, even though the delivery was months away, Marr found himself thinking “I hope there’s a lot more customers out there who think like that.”

He and MacKenzie promptly put a notice on their website, promoting pre-payment in exchange for free delivery. Normally customers pay $35 for delivery anywhere in Canada. The response to the new offer was so positive, that Marr now estimates 25 per cent of their clientele pay up front. The strategy turned MacKenzie and Marr’s cash-flow problem into a solution. [Read more…]