Entrepreneurship

Help! My Spouse's Business is Killing Us, by JORAM MWINAMO

Help! My Spouse's Business is Killing Us

 

Dear Joram,


I got married 6 years ago to an entrepreneur and it all started as a great dream, I supported my spouse and we spent a lot of time talking about the business and its future plans. However, that dream has since turned into a nightmare. As I write this to you, I've reached the end of my ability to cope with what is going on. Let me explain.

We started the business modestly where we even converted one room in our house into a home office. We began our operations in a small way and within no time the business picked up quickly and began to make money! It all looked rosy and promising so we invested even more time and money into it. I took loans on the basis of my salary so that we could expand our operations and we even got a nice big office. That's when things began to go wrong. At some point , the growth of the business went out of control and we began to lose clients. Regulators also stepped in and things quickly went south, and we were left trying to pay up penalties of taxes we were not aware off. Before long the bank had sent auctioneers, and when we began to fall behind on mortgage payments. At this point the bank began to be quite hostile. Our car payments are behind and we have maxed out our credit cards. One of the cars we are paying for hasnt moved for months due to disrepair.

10 Mistakes Former Bluechip Employees Make As Entrepreneurs, by JORAM MWINAMO

 10 Mistakes Entrepreneurs Make

 

This one might ruffle a few feathers.

 

Entrepreneurship is all the rage nowadays. I meet many employed executives, some who are very highly placed in C-Suite positions and they begin to tell me, excitedly, how they plan to start a business, jump out of corporate slavery and shake up a certain industry that they have their eyes on. I have become more and more cautious on the advice I give to such friends or acquaintances because after being an entrepreneur for close to 9 years full time after a brief employment stint, I've observed some mistakes and hard lessons that former corporate employees and particularly C-Suite executives make when they jump ship and begin to row their canoes. Here are the top 10:

7 Effective Tips on Improving Your Debt Collection, by ANN ICHUNGWA

7 Debt Collection Tips 

Businesses rely on a healthy flow of income to remain in business. For small businesses, a bad debt can mean the difference between profitability and net losses.

Outstanding payments can make or break your business, whether you're a sole trader or a multi-million dollar company.

Small business owners and sole traders can find themselves in a tight spot when it comes to chasing outstanding accounts. The business owner must pursue the money from the client, but also try to get repeat business – sometimes from the same individual. It can be challenging to walk that fine line between a happy customer and a positive bank balance.

Here are some tips for collecting all your overdue accounts, tips that I have tried and found to work: