I'm Starting a Business

You've done your homework, prepared your business plan and you are ready to open your doors. The biggest challenge during the start-up period is maintaining cash flow while your business becomes profitable.

Questions to Ask Yourself

• Have I set specific goals for myself and my business?
• Are my goals measurable and realistic?
• Do I have enough money to carry my business until I break even?
• What are my limits? How will I work around them?
• Who do I know that can help?

Things to Watch For

• Long lead-time for orders
• Carrying more inventory than you need
• Extending credit without adequate investigation
• Not listening to customers and adjusting your product or service accordingly
• Sticking to your projected budget and collecting your receivables on time.
• Promoting your product or service effectively.
• Meeting your commitments to your suppliers, creditors and Revenue Canada.

Keys to Survival

• Good Cash Flow management
• Listen to your customers and adjust your approach
• Establish a strong Relationship with your banker
• Follow your Business Plan