Read Millionaire Fastlane
I've Read UNSCRIPTED
- May 27, 2013
So tip 1. Don't use working capital finance for anything but stock purchases and make sure your repayment percentage falls well within your profit margin!!
1) Print out in big letters and tape to the wall: NO MORE DEBT
2) You have a weekly cash flow for the next few months? Do you know when you run out of money completely? If not, you need to know. That knowledge will prompt action and help you prioritize. You can't operate in the dark.
3) Then figure out what you can do to not run out of cash. Re-finance with a bank. Work out a payment furlough with Paypal (I got a 30 or 60 day reprieve... don't remember, just by calling and asking).
4) Time to take outside investment?
It is not worth losing family/kids/everything/health. Your #1 job as CEO is do not let the business run out of money.
You may feel like giving up. Don't. Every successful business person goes through a time like this. Those that make it didn't give up.
You got this brother.
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