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Here’s an excerpt from a good article on raising money written by Roxanne Allaire, of Roxx Consulting Service, Inc. You can find the original at her blog, Grow a Prosperous Enterprise. Yes…money is tight, investors are being highly selective with their funds, and they are interested in a return on their investment in the form [...] If you have read some of my other posts, you will know that I often caution against confusing profits with cash. Too often, business managers assume that, because they have earned profits, they will be able to pay for operational expenses. However, you cannot pay for anything with profits—you need cash, which means [...] When you stop and think about it, it is amazing how many different choices we have to pay for the products and services we can buy. We can pay in person, over the phone or on the internet. We can pay by American Express, Discover, Visa, Mastercard, PayPal, store credit card, debit card, [...] Ever have one of those moments when you unexpectedly find a little bit of cash? Maybe it happened when you were taking clothes out of the wash and saw a few coins lying on the bottom. Or maybe it happened when you were looking for the remote control for the TV and when you put [...] You Don’t Have the Cash Until You Have the Cash There is a direct relationship between a sale and the cash in your pocket. If you have the cash, you have a sale. If you don’t have the cash, you don’t have the sale. So many things can occur to prevent you from getting cash [...] To Raise Money You Must Prove Performance Raising money is a selling process. Think about it. When you try to sell a product or service, your ultimate goal is to have someone give you money that you can use in your business to hire employees, pay bills, buy assets and so forth. And [...] Don’t Try to Solve a Problem That Doesn’t Exist What is the mission of your business? To solve your customer’s problem, right? Isn’t it your goal to provide your customers with a product or service that makes things more convenient, easier, less stressful? It is critical that you are very clear and specific about the [...] Presentation is Essential When Asking for Money Imagine for a moment that you have had a very long day and you are driving home, hungry and tired, fighting the rush hour traffic. You do not want to cook dinner, your spouse will not cook dinner, your kids do not know how to cook dinner. [...] Financial management is about your performance, the results you produce, and the numbers you use to quantify your activities. As the financial manager of your company—whether you are the CEO, the CFO, the VP-Finance or Treasurer—you are going to interact with all other areas of the business: operations, personnel, marketing, production, and administration. You will play [...] Imagine for a moment that your car is really dirty, so you’ve decided to wash your car, and you’re going to do it by hand. You gather everything you need—soap, bucket, sponge, chamois cloth—and head out to the hose. You squirt some soap into the bucket, turn on the hose and start to [...] |
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