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This week, I received a number of calls from friends and family about the incredible events in the financial markets. I've tried to be optimistic, but it wasn't easy. Every day, there seemed to be a new avalanche of bad news.
So what does this all mean for your business?
Well, I think it's critically important to be careful and conservative. Basically, assume the following:
- It's going to take longer to raise capital -- and the terms will be tougher.
- It's going to take longer to get customers.
- Oh, and customers will take longer to pay you (and that's assuming they actually do pay you).
In other words, you need to find ways to manage your cash flow. You can use some nifty online tools, such as NetBooks. There are also some great books on the topic, like Tim Berry's The Plan-As-You-Go Business Plan.
And another thing: Be sure to focus on your existing customers. In tough times, it can be easy to lose them. And, of course, it's always expensive to get new customers.
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