Let the Black Friday 'ing Begin!

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Let the Black Friday 'ing Begin!

Monday, November 21, 2011 at 4:01PM

Welcome to Black Friday week....I mean Thanksgiving week. From a small business productivity standpoint it is important to remember that this is still a work week. While we are digging through our closets looking for our "elastic waist band eating pants" it's important to also focus on making this week count - there aren't too many weeks left. Holidays are an easy excuse for both consumers and producers to let their guards down or to avoid the work that needs to get done. I'm telling you that this is one of the biggest spending weeks during the year and it doesn't matter if you are a micro business or a business with 1000 employees - no production, means no inventory, means no income.

This week is going to be all about Black Friday. Just incase you hadn't noticed. Today's focus is going to be about making the most out of your resources as Thursday's deadline gets close.

Cash flows are one of the hardest metrics to keep track of. There is a natural tendency to spend more and expand as more gets in. I know I'm personally guilty of this every once and a while. It's easy to rationalize how much easier work would be if I only had a few more dollars to spend. In reality the money isn't what is going to make the work easier - it's you! Here are 4 Things To Avoid When Managing Cash Flow

1. Avoid Mental Math! Actually avoid any math that might be construed as fuzzy. No napkin calculations, no guesses, and no running mental tallies. It is incredibly easy to fall into an overspending trap when you are not constantly keeping tab on what's coming in and what's going out.

2. Avoid overstocking! There is nothing worse then using up resources to bring something to market that does not end up selling. It is so important to make sure you accurately track where your inventory goes because that's where your focused productivity should be.

3. Avoid abusing debt. Just like the rest of the year its important to manage your debt responsibly. There is no excuse to forget what you have been working on just because of this week. While an additional investment might be necessary and even appropriate make sure you look at all available resources before just charging it because it's easy.

4. Avoid focusing on profits. A business not focusing on profit..what?! Exactly. Cash flow is what keeps the business opening every morning and paying employees. While profits are important the focus on operating cash flows is even more important. Profits will come when you have control over the systems that keep you in business. When your numbers are accurate and actually tell a story you can adjust on the fly. Better cash flows will ultimately mean better profits.

Hopefully for all entrepreneurs out there this was a nice reminder going into this week. Just because we are entering the busiest time of year consumption wise doesn't mean you should forget about the fundamentals.

Tomorrow we will talk shopping strategy!

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Reader Comments (6)

I simply can't avoid the first mistake especially when I'm on the rush. How can I resolve this habit?

November 22, 2011 |

Kurt Whitner

I think the easiest thing to do is to just write it down. I know it feels like an extra step but whether its an app or a small notebook in your pocket - writing it down really solidifies the act of keeping track. It also makes rationalizing that much harder.

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