How do you keep an eye on cash flow in your company?

So you do lab work for dentists? If you post your website or some other info it might be easier to help you with the issue. If you want to improve cash flow you can either reduce expenses or grow revenue. My experience is that it is usually way easier to grow revenue since expenses are so thin for companies like yours unless you have wasteful habits. Figure out who your ideal customer is and develop a marketing plan. Make sure the marketing plan uses multiple marketing medians to get brand recognition with the target market. Follow up with phone calls and offer test orders or test lab work. Make sure you can demonstrate a clear advantage to working with you compared to others. Any clients you work with should respect your professionalism to sign an agreement with their orders to pay within a specified time frame. The agreement might also clearly spell out how the collections process works. Get signatures on orders, if they can order online include info like this in your TOS.

Most people are lazy. They won't do anything other than daydream about becoming your competition. Next point: if the barrier to entry to your marketplace is low, then it's all about selling. Rather than focusing on features or what you do ("We make websites"; who cares?), start talking about serious problems your solution fixes for your customers. Things like: > reduced waste/rework > minimized project times > lowered interpersonal struggles > shrunk sales cycle > sped-up time to profitability on new products. When you concentrate on these ideas, you differentiate yourself and move out of being a commodity provider.

In my experience great advice can move across industries in several categories; cash flow management, human resources, process improvement, systems and measurement. Ask him questions relating to how he measures, rewards and retains his best staff. Ask about how he ensures proper cash flow management, how he extends payables for instance. Ask about how he tracks the efforts of employees to know who is contributing to the bottom line and who is not. Ask him how he knows when it's time to make changes in how things are done. Ask him how he responded to the last new competitive threat. Ask him how he plays a role in different aspects of his business; sales, purchasing, marketing, etc. Good luck. Simply taking the time to put some thought into what you should be asking will help make this meeting into a great opportunity. Don't get too scripted though and ask him what he thinks you should learn about what he's been through. Cheers David C Barnett

I love this question! Thank you for asking it. If you don't mind, once you finish I would love to know more about your startups and what led you ask this question. No judging, but everything is a learning opportunity - I guess, hence we're both here. My name is Humberto, although I now run a hybrid global marketing agency, I started drawing and selling my designs to shirt companies in FL a long time ago, traded medical sketches for medical treatments LOL. Over time my passion for art led me to pursue a full time career making a living with my art but that didn't pan out. Through that time though I was learning how to sell, learning technology and programming basics. It was this that got me involved with the startup community in Phoenix, AZ area to what is now globally known as #yesPHX. My creative side was the driving force behind all the Startup Weekends, Pitches, pursuing ideas, joining teams and seeking investors to pitch shamelessly to as well as building relationships and strategy. I learned a lot. Including the fact that it was my creative side that drives me and my passions. That "Entrepreneurial ADD" as I like to call it was reduced when I was working on something that allowed me to be primarily creative rather than doing managerial or repetitive stuff such as pitching and driving sales or improving code. It took 2 startups with financial backing to realize that I didn't want to grow a business for myself, I enjoyed the creative challenges of figuring out how to get them growing and grow them and then move on - not being stuck running them. I found out I was a wannapreneur. But this was an opportunity because knowing that I didn't want to be stuck growing a startup for the sake of money or nerdy fame helped me realize that I wasn't going to 'change the world and make it a better place' I would be like most of us just stuffing the world with one more app or service that we can probably go without or be a feature of an existing rather than a new company. Anyway, through this time I was consulting with other startups on growth, creative ways to grow (now commonly coined as Growth Hacking by S. Ellis) this led me to make a living consulting, I was a young 20' something hispanic entrepreneur helping business men and women of all ages and industries because of my experiences. I came in and evaluated their situation, found holes, provided ideas and solutions. I would help execute then I would move on to another challenge elsewhere. A wannapreneur I think is a bad term for a certain type of personality such as what I can relate to. I want to work, I am creative, and I am trying to make the world a better place but I don't like being stuck forcing growth of my own company. This has allowed me to grow my company by focusing on driving good growth for my clients and being helpful which generates referrals. Depending on your experience you can try a similar path in pivoting your skillsets to something else. That's what pivoting does for the most part " what resources and experiences I have and what other ways can I utilize them better?" What relationships did you build? can you leverage those as opportunities for others? Try joining a startup as a sales agent, customer service, or get yourself into a franchise which have to provide structure and help.

I have not heard of the $1,000 rule; however, the determination for the need of a business license will come more from the requirements of your local government. Check with your local economic development office to determine what licensing would or would not be needed for the particular type of business you have in mind. Another factor would be the type of legal structure you intend to operate under (e.g. Sole Proprietor, LLC, Corporation). The corporation and LLC would have to be registered, while the sole proprietor may not have to. Schedule a call to discuss your options in greater detail.