| No matter type of business you operate
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| | leaders, owners or managers of businesses
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| you've got to know how to keep your
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| | similar to yours, and retired executives.
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| business alive during economic
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| | Setting up such an advisory board of
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| recessions. Anytime the cash flow in a
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| | directors is really quite easy, because
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| business, large or small, starts to
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| | most people you ask will be honoured to
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| tighten up, the money management of that
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| | serve.Once your board is set up, you
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| business has to be run as a "tight
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| | should meet about once a month and
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| ship."Pause Before PayingSome of the
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| | present material for review. Each
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| things you can and should do include
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| | meeting should be a discussion of your
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| protecting yourself from impulse
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| | business problems and an input from your
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| expenditures. We've all bought
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| | advisors relative to possible solutions.
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| merchandise or services we really didn't
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| | These members of your board of advisors
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| need simply because we were in the mood,
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| | should offer you advice as well as
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| then we sort of "wake up" a couple of
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| | alternatives, and provide you with
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| days later and find that we've committed
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| | objectivity. No formal decisions need to
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| hundreds of dollars of business funds for
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| | be made either at your board meeting, or
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| an item or service that's not essential
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| | as a result of them, but you should be
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| to the success of our own business, when
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| | able to gain a great deal from the
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| really pressing items had been waiting
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| | suggestions you hear.Joining
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| for those dollars.Using
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| | AssociationsBy all means, join your
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| ProfessionalsWhile you may think you
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| | industry's local and national trade
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| cannot afford it, be sure that you don't
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| | associations. Most of these
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| "short-change" your self on professional
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| | organizations have a wealth of
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| services. This would apply especially
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| | information available on everything from
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| during a time of emergency. Anytime you
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| | details on your competitors to average
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| commit yourself and move ahead without
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| | industry sales figures, new products,
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| completely investigating all the angles,
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| | services, and trends. If you are given a
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| and preparing yourself for all the
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| | membership certificate or wall plaque,
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| contingencies that may arise, you're
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| | you should display these conspicuously on
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| skating on thin ice. Regardless of the
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| | you office wall. Customers like to see
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| costs involved, it always pays off in the
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| | such "seals of approval" and feel
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| long run to seek out the advice of
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| | additional confidence in your business
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| experienced professionals before
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| | when they see them.Free AdviceWhenever
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| embarking on a plan that could ruin
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| | you can, and as often as you need it,
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| you.Your FinancialsYour company's books
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| | take advantage of whatever free business
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| should reflect your way of thinking, and
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| | counselling is available. Your local
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| whoever maintains them should generate
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| | chamber of commerce or small business
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| information according to your policies.
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| | advisory will likely have numerous free
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| Thus, you should hire an outside
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| | publications. Most local universities,
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| accountant or accounting firm to figure
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| | and many private organizations hold
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| your return on your investment, as well
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| | seminars at minimal cost, and often
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| as the turnover on your accounts
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| | without charge. Take advantage of the
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| receivable and inventory. Such an audit
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| | service s offered by your bank and local
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| or survey should focus in depth on any or
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| | library.Direction Is EverythingThe
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| every item within your financial
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| | important thing about running a small
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| statement that merits special attention.
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| | business is to know the direction in
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| In this way, you'll probably uncover any
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| | which you're heading; to know on a
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| potential financial problems before they
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| | day-to-day basis your progress in that
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| become readily apparent, and certainly
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| | very direction; to be aware of what your
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| before they could get out of
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| | competitors are doing and to practice
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| hand.Advisory BoardsMany smaller
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| | good money management
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| companies set up advisory boards of
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| | at all times. All this will prepare you
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| outside professional people. These are
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| | to recognize potential problems before
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| sometimes known as Power Circles and once
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| | they arise.In order to survive with a
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| in place, the business always benefits,
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| | small business, regardless of the
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| especially in times of short operating
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| | economic climate, it is essential to
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| capital. Such an advisory board or power
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| | surround yourself with smart people, and
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| circle should include a lawyer, a
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| | practice sound business management at all
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| certified public accountant, civic club
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| | times.
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