Five Successful Business Habits for Entrepreneurs

Business success with strong financing and high company morale.

As entrepreneurs, you know that control of cash flow is essential to sustaining operating capital and the success of your business. In helping small business owners prepare business plans for banks and investors, US Business Finance Corp has found the following five business habits, as well as access to back-up financing like business cash advances, foundational to an improvement of cash flow.

1. Pay bills on time. Finance charges are an unnecessary drag on profits. Set days to pay your bills and if necessary work with your creditors to shift due dates to match the due dates of other bills so you can group paying your bills to 2 or 3 days during the month. Also, planning long-term, paying bills on time protects you credit score and improves your credit history.


2. Purchase inventory for your needs. While purchasing more items to obtain bulk pricing may appear profitable, weigh that against how much more funds are drawn from cash flow and how long it takes to move the additional inventory. If the additional inventory will take several months to sell, the savings may be canceled out by more interest payments going to other creditors. Perishable items also add the aspect of selling before the product spoils.


3. Target your marketing. Always balance your advertising investment with your intended market. Inexpensive marketing to a broad audience does not usually have the same return on investment as a more expensive marketing to your specific potential customer market. Stay consistent to your marketing plan and find ways to measure its success. Tweaking a somewhat successful marketing plan is more cost effective than radically changing to see if something new will work better. Using your future Visa and MasterCard credit card sales as a pledge to secure a business cash advance is one way to pay for marketing now to build sales in the immediate future.


4. Send out your invoices in a timely manner. Similar to the first habit, sending your invoices bi-monthly instead of only at the end of the month can cause (theoretically) half of your bills to get paid two weeks sooner! Delayed invoicing can cascade into forcing you to pay your bills late.


5. Build company morale. Though fifth on the list, this is one of the most important. By treating your employees well you stand the best chance of harnessing their creativity, loyalty and changing them from a "hireling" mindset to that of a "shepherd" or entrepreneur.

US Business Finance Corp's team of business experts have found these five business habits create far ranging beneficial affects for businesses. One example is how employees with high morale extend the best customer service that helps drive more repeat business, effectively lowering advertising costs and improving long-term sales planning. In the end, your cash flow benefits your bottom line.

When your business needs short-term financing quickly to meet overdue bills or take advantage of market changes with new advertising, contact the alternative financing experts at US Business Finance Corp.