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Cashflow Tips. . . . . . . . . . . . . . .for your Business
February 6, 2007
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ISSN 1550-4182
- Vol. V, Issue 3
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In This Issue
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Other Resources
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Good Morning, Cheryl,
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Just back from a workshop in Los Angeles with almost
1,000 in attendance, you can see from the
photo below I didn't waste anytime getting back in
the saddle. Well, actually, there is no
saddle - that's
my Mom and I on the back of a wild, bucking
Brahman bull at the San Antonio Rodeo. We've got
another week to go to see if our score will be the
top
8 second ride in the Tandem Bull-Riding
category.
Ok, so perhaps bull-riding
isn't one
of your goals for this year. But even if you haven't
written any goals for 2007, it's not too late. Each
day is a new opportunity to achieve your goals.
If you want the same results, do
the same
old thing. If you want to kick it up a level, get
out
there and ride some bull!
What can you do to take it up a level?
Get some creative ideas for adding more
meat
to your sales this year! Follow this link to listen as Cheryl shares tips to grow
your business in a recent interview on the book -
Small Business
BIG RESULTS...
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It is the petty expenses that empty the
purse.
Italian proverb
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What's Your Exit Strategy?
It’s rodeo time, here in San Antonio, and that always
means a few 8 second bull rides. I’ve
noticed a few of the bullriders seem to make their
exit quite gracefully, as if they’d practiced and
planned for it. Most others seem to make their exit
at the whim of the bull they’re attempting to
ride.
Have you noticed that some business owners seem
to know exactly when to sell? They end up with a
really sweet deal – it’s as if they’d practiced and
planned for it. Others seem to be thrown for a
loop -
here today, gone tomorrow.
If you’ve ever sold a house, you know there are
always a few little things you need to do to get it
ready to sell no matter how great a shape it’s in.
Whether it’s a dripping shower head you’ve been
meaning to fix, updating old faucets, a new
dishwasher, a little paint in the kids room, turned
office when they went off to college, cleaning out
overstuffed closets or some freshly planted
annuals
curbside, once you’re done you wished you’d done it
earlier and enjoyed some of the
improvements.
Running your business is a bit like this. You could
opt for the exit most bullriders make, without any
planning or strategy on your part, or, you can run
your business as if you were going to have an open
house one day to sell it. That doesn’t mean you will
anytime soon, but running your business with a
long
term strategy has some very positive side
effects.
Does your business need a little bit of touch up
paint, some updated fixtures, or is there major
structural work that needs to be tackled? What can
you do to run your business that would make it
more attractive to a potential buyer?
You may think you’ll just call it quits one day, cash
out and go off to the islands in retirement. That may
work for some, but why not consider reaping
some rewards for the years you’ve spent in the
business, building a list of loyal customers, and
valuable business relationships?
Perhaps you think a son or daughter will take over
your business. But, more and more business owners
are finding there are no family members interested in
(or capable of) taking over the business and are
beginning to look to key employees who might want
to step up to an
owner financed buy-out.
How would an outsider look at your balance sheet?
Do you have enough debt to rival the federal deficit?
Are your sales declining? Have you experienced
increasing employee turnover?
Taking a look at your business as if through the eyes
of a potential buyer can give you
a glimpse into the areas where you need to clean out
some clutter of past due accounts, touch up your
financial reporting, or major structural work to get
your business “open-house” ready. And, if you’re like
me when I sold my last house, doing it sooner rather
than later means you get to enjoy the upgrades in
your business and reap both immediate and long
term
rewards.
If you'd like some help getting your business "open-house"
ready follow this l!nk.
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Watch for details of Cheryl's speaking
engagements later this year in San Antonio,
Dallas, Los Angeles and New York. It's going to
be a wild ride!
If you belong to a professional organization that
is looking for a speaker for an upcoming
meeting, see how Cheryl can
help.
Warm Regards,
Cheryl E. Cook
Pro Money Inc
phone:
210-289-8942
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