Suze Orman is a well known and highly respected financial advisor. She knows MONEY.
In this video she is talking about getting you a financial first aid! When you get yourself in a situation of financial exhaustion, the first step is to get some oxygen (some breathing time given by debt specialists / agencies).
Getting debt agencies or other 3rd party financial specialists to help you is your first aid ONLY ! Continue reading →
“Some business owners have had their business for months or even years and when I give talks about credit policies, credit limits, and credit applications, they say, “I never did any of that and I have so many customers that owe me money and are past due.” Many think it is too late to do anything about it, or they are afraid to ask a customer for the money or ask them to fill out a credit application. They think they will make the customer mad and lose the business. If the customer is past due or not paying you, why do you worry about alienating them? This is a customer you do not need. If someone is not paying you, they are not helping you. Wouldn’t you rather have a customer that pays you? Stop working for free.
If you have customers that owe you money right now, today, you can and should do something about it. Add up how much money is past due or is not being paid, the dollar amount will shock you. Now is the time to take action!” Continue reading →
‘This question is hard to answer, because there are no simple answers here and the outcome of this situation could easily be fatal to the business and if you are personally guaranteeing this money – and you probably are – this could potentially be very serious for your personal life too.
The things that you need to do, in my opinion are:
Find out why? If the reason given are not satisfactory, you will need to get legal advice.
Try and extent the deadline? If that is possible reduce the overdraft as soon as you can, or negotiate a stepped reduction of the O/D limit, ie. by month or week.
What is cash-flow? How do you plan small business cash-flow? How is debt collection of your business related to the overall performance of your business cash-flow? How is planning in advance influencing the outcome of your business months later? To find out watch this video….