We all know that in sports:
“It ain’t over ’til it’s over.” – Yogi Berra
Like so many of his quotes however, Yogi Berra hit the nail on the head with this one in so many more ways. The idea is that no matter how bad it gets, never give up. Until the lights are out and everyone has gone home, it’s not over yet. Even if you and everyone else knows you don’t have a chance, don’t stop playing like you do. How does this play out practically in the world of small business ownership and entrepreneurship? It is all in how you handled the hardships. Those obstacles that pop up that seem insurmountable can make you or break you. Don’t let them break you.
Find a “Now” Fix
A quick fix is what will get you to the next step. This is how you are going to make it to the next month, the next week, or the next day. Can’t pay the light bill? Call the electric company and see if you can work out a short-term payment plan or extension. Need a quick, short-term influx of money? Perhaps you can get a cash advance on receivables.
Use the Quick Fix Time Wisely
This is where 99% of the business owners that end up in trouble mess up. The first issue comes up and the quick fix takes place, and then it happens again, and they have to turn to the quick fix again. It becomes a vicious cycle. Don’t rely on quick fixes; search for permanent solutions. Rework the budget, cut expenses, and make a plan for making certain the issue doesn’t come up moving forward.
Make Sure the Real Fix Sticks
Here is the key. Execute your plan each and every quarter, month, or week to ensure you are able to keep going. If cash flow is an issue, look into a revolving business funding option such as a line of credit or a credit card. If spending is the problem, stick to the cuts. If you just rebuilt from a fire or natural disaster, look into more insurance or a stronger building. You can’t avoid everything but you can do your best to be prepared.
Whether you decide you need a line of credit, a business credit card, or some other form of business financing, make Biz2Credit your first stop. Our network of lenders offers financing of all types, and we can help match you the one that has just what you need. Visit Biz2credit.com today for more information.