Entrepreneurship

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:

Why Corporates Need to Rethink How They Relate with SMEs, by CHRIS ODONGO

Why Corporates Need To Rethink How They Relate with SMEs

 

From supply chain management to partnerships that foster loyalty

I have recently been reading and studying trends on financial problems experienced by SMEs and there is an alarming trend. More and more SMEs are getting into financial straits due to an ever increasing problem around cash-flow. Indeed many of our clients are reporting poor cash flows and are decrying an unfriendly environment.

The burgeoning cash flow problem is caused by many factors such as poor capitalization, over trading, funding mismatch and many other SME related buzz words. One giant culprit that causes many an SME owner migraines is the 'accounts receivables'. It is not that these SMEs are not selling and it is not that they don't have good customers, the major problem is that a majority of their customers are not just paying for goods and services consumed.