By Andrew Griffiths
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Extra info for 101 Ways to Boost Your Business
In the peak of the season he had lots of cash flow, but in the off season he was always struggling. Over the years he had established a good rapport with his suppliers where for six months of the year he paid cash on delivery and for the other six months he paid in 90 days. This relationship worked for all parties and he always honoured his payments. His communication enabled him to work with his suppliers to ensure that his supply wasn’t cut off in the off season, and they had a good customer who paid on the spot during the peak trading period.
On the other hand, it can be incredibly rewarding and satisfying and it is the life that many of us have chosen. However, 42 FINANCIAL BOOSTER TIPS we often go into business because we are in the field already. I was a sales and marketing manager for a large company, so it made sense for me to become a marketing consultant. If a mechanic working in a garage decides to start his own similar business, that makes sense to me. But a librarian deciding to start a fireworks company somehow doesn’t. By no means is this an all-encompassing rule—if it was, no innovative businesses would ever get off the ground—but it’s the norm, rather than the exception.
Now, don’t get me wrong. I am an eternal optimist who encourages people to succeed wherever possible. But it breaks my heart to see a couple in their sixties have to go back into the workforce because they have lost their house or their superannuation payout on a business venture that was doomed from the start. If you have a large chunk of money, or you are going to come into a large chunk of money, think long and hard about what you want to do with it. Running your own business isn’t easy. It certainly doesn’t mean freedom and can be more stressful than working for someone else.