A person can survive for three weeks without food and three days without water, so says John ‘Lofty’ Wiseman in his book The SAS Survival handbook.
Start-up entrepreneurs might ask themselves: ‘how long can my business survive?’
We know cash-flow is key for business survival, how much money do I need? and where it should be spent? are altogether different questions.
Before doing anything, a plan, outlining what you want to achieve, by when and what it will take to achieve the plan. Be aware this plan is likely to change and probably dramatically, over time.
At the outset of your business, beg, borrow, call in favours and even barter or negotiate ‘contras.’ Contra means ‘swap or exchange’ typically it applies to something which comes easily to you and is valued by someone else, whose skill or service you need. A word of caution here though, HM Revenue and Customs might take a dim view of contra transactions; as ever, if in doubt ask.
Spending money wisely is a skill which takes time to perfect; if you discover a way to avoid making costly mistakes please let me know!
