When you can’t promise a payment amount and date, don’t; promise what you can, even if that’s only the date and time you’ll next communicate. Target the creditors hurting your cash flow most for comprehensive renegotiation. Take your new business plan and meet in person if possible.

Let’s say you owe XYZ Company $20,000, all past due. You might get that $20,000 switched from a trade payable to a long-term, five-year installment note, interest only for the first year, and agree on new purchases to pay one-third with order, one-third on delivery, and one-third in 30 days. Facing trouble head-on, more often […]

Too many people get into business only to discover they’ve acquired a new, tougher, more demanding, more stressful job, and they cannot see any way to change it.

From day one, if your business is to provide security, freedom, and wealth, you should be working at weaning the business from dependence on you and creating dependence on systems. I’ve appeared as a speaker on several programs with Michael Gerber, author of the best-selling book ‘The E-Myth’. His advice is to systemize the business […]

Throw out the textbooks

Five of the most successful CEOs I know have five dramatically different management styles. Their relationships with their people are different. Their belief about leadership are different. Their companies’ environments feel different when you walk in. There is more than one right way. My way, what works for me, may very well fail miserably for […]