When you are a startup in search of growth capital and help from financial experts like Doug Foshee, you must have good money-management skills. Some of you might already be good with this, others might not be. Either way, here are some helpful suggestions.
1) Understand your relationship with money. Know your strengths and weaknesses. There is an old saying: ” Rich people hold onto their money, because they behave like they are poor. Poor people remain poor, because they throw money around.”
This is so true, in so many ways. The best approach is to pretend you don’t have money. You need to take care of your business and customers, but you also need to be conservative with money. if you don’t need it, don’t put out the money. Knowing how you are with money will only serve to better you.
2)If you are starting a business with your partner, always be mindful of your relationship. It’s not enough to consider your relationship with money, but it’s your relationship with your partner too. How you treat your partner during business, is a clear indication of how you will treat your customers. Never lose sight of this.
3)Things will go wrong in your business. Shopping is not the solution. Too many people get into this pattern. All they do is end up being poorer then they started out to be. Always have a clear destination and never settle for something which isn’t you.