Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners. These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.
What would happen if a major supplier of yours goes out of business? Or decides to change your credit terms unfavorably, or discontinues a product run that’s important to you? Or, worse yet, cuts you off, to protect a competitor in your market? I’ve seen all of these things happen and suppliers do these things. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Always be on the look out for a back up supplier, when you go to trade shows, identify possible back up suppliers and start developing relationships with them. You just never know. And remember, the most successful business owners know their numbers!