Don’t forget the cash flow. Believe it or not, some businesses do just that. They wrap themselves up so much in research and development projects and future forecasting that they forget what is funding all of these programs – cash. You might get caught up in having the nicest looking office and a fleet of the best looking trucks and wind up ignoring the fact that your business has no cash flow.
And what happens to a business with no cash flow? It stops. Think about a car that has run out of gas. If you don’t pay attention, you could wind up in the middle of nowhere with an empty tank. The same can happen in your business if you’re not mindful of your cash flow.
Sometimes the “grunge” work is what is needed to keep a business afloat. It’s the stuff that isn’t glamorous like tracking your numbers every day. Following up with customers. Making sure your accounts receivables are collected. Don’t neglect the cash-paying customers who are your bread-and-butter while you are looking for that “pie-in-the-sky” big account. Even the smallest call helps keep the cash flow coming. Keep your feet on the ground and the cash register ringing.
It’s okay to dream the big dreams and make plans for growth – without them a business will die on the vine. But if you don’t have the cash to support your dreams and goals, death on the vine will come much quicker.