10 Tips In 2 Minutes – Being Savvy About Finances – March 27, 2010 – Segment Five
Betsy and Renee recap the various ways business owners can increase their financial savvy, as well as improve the operating capacity of their businesses. It’s ideal to have a credit line established before you need one, but definitely make sure to get one. Don’t be afraid to look for a credit line as a safety net as you build your business and you’re managing your cash flow. If you’re going to ask for capital from a bank, be very careful explaining what that capital is going into and how it will build the business. During these tough times, you need to be able to explain some of the tough steps and cutbacks you’ve taken to strengthen your business. Additionally, being profitable is absolutely critical. If you’re not being profitable, then you’re simply in it for fun or as a hobby, which is not what professional business people are all about.
2Minutes&More with Betsy Berkhemer and Renee Fraser airs every Sunday at 1pm on KFWB NEWS TALK 980. Tune in for a full hour of tips for business success.