We just discovered Deborah Shane‘s weekly small business podcast, Metropolis. Her first guest of 2013 was “the queen of business financing,” Karlene Sinclair Robinson, whose book, Spank The Bank: The Guide to Alternative Business Financing, is on our list of current reads.
We recommend listening to the whole 20-minute podcast, which includes Ms. Robinson’s top 5 business tips for small businesses in today’s market:
Be on top of your cash flow and know where your money’s coming from – if you don’t, you risk not being in business next year. It’s cash-flow 2013!
Focus on strategies that are going to work today. You can’t use strategies from 10 years ago in this market. If you’re not sure where to start, think about what makes the most sense for you and your business. Look for ways to help make your business stand out, start networking, and consider your strengths and weaknesses so you can lead with your strengths.
Don’t be afraid to change and don’t live in the past. Get out of the rut of telling yourself, “I used to do $1 million in revenue, now I’m barely getting by.” Accept where your business is right now and get busy with exactly what you have to work with (no excuses!).
When seeking outside financing, think like the lender. Analyze all perspectives when it comes to major business decisions, and remember it’s not all about you. Acknowledge that lenders take on risk when they work with you.
Absolutely believe in yourself. Confidence and enthusiasm are essential assets.
Photo credit: Jacek Dudzinski/shutterstock.com
IMPORTANT INFORMATION: This is not investment, tax or legal advice. Should you have questions please consult you own attorney, tax accountant or other appropriate expert having expertise in the area of your question or before making important decisions in these areas.