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Finance: Greatest Business Pitfall

Q: What is the greatest pitfall in growing a business?

Hands_in_Piggy_BankA: The greatest pitfall is access to cash – more businesses fail for this reason than any other. Cash constraints require business owners to carefully identify/prioritize opportunities; carefully manage investments; increase focus on invoicing and collections; and reduce/manage inventory. In the current “credit crunch” environment, business owners can’t count on getting additional operating capital from traditional sources (e.g., banks, SBA) so they must put more focus on managing operations to create and conserve cash.

For resources on how to overcome the cash crunch, check out these biz tools:

Success Secret: 5 Sources of Quick Cash 
60-Second Guide
Managing Cash Flow
: Surviving the Recession
: Cash Flow Template

Sue Hartman, Guest Blogger
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How to be an Effective Motivator in Business

In business today it is sometimes difficult to pay high-quality people what they are really worth, so how can we motivate these people to work hard when we cannot pay them more money?

Diverse Group in Meeting
Here are some ideas on how to motivate key employees with non-financial incentives.

  • Make sure that very good work is acknowledged and, if possible, rewarded!
  • Give positive feedback and praise often!
  • Encourage employees to share new ideas and strategies. Open communication creates a team that works well together.
  • Allow employees to make decisions.
  • Pay for educational and training expenses.
  • Try to make sure that employees look forward to work each day!
  • Create a happy, positive, clean and safe working environment.
  • Promotions and titles can motivate employees.
  • Give paid days off whenever possible.
  • Offer benefits to employees.
  • Pay for on-site food, drinks and even lunch.
  • Present awards annually or monthly to employees.

These are among many steps you can take to motivate employees, increase productivity and achieve greater employee satisfaction. Always recognize, encourage and appreciate your employees! Their contribution is key to your business success.

With conscientious, effective and efficient employees, your business will succeed.

Please share incentives that you have used that have been effective in your business.

Julie Brander - Business Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business. | @juliebrander | More from Julie


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