What Can You Do to Help Your Business?
Part 1 of 3

Here are the first three of ten tips to help you out if you are having trouble in your business:

1.                  Keep your taxes current. You do not want to face the IRS if you haven’t been paying them – before you pay anything else pay them! Even if you are operating your corporation as an LLC, you can still be held responsible for the taxes, even if your business has ceased to exist.

2.                  Stave Off Cash Flow Problems. As soon as you see there being a potential problem with making your bills, cut your expenses DOWN. Only spend what you absolutely cannot live without, electric, taxes, etc., and then set a realistic budget for your company. Look at your cash flow and see what you are owed, as well as what you can really plan on getting back.

3.                  Tell the Truth About Your Debts. Before you go to the bank to take out a loan, look at your business from an outside neutral perspective. Do you really think you will be able to pay this back? Will your business increase or respond favorably to some cash flow? Or are you just putting off the inevitable? If you take out a loan and then go belly up, the government may see this new loan as deliberate fraud, and then you may be liable for it even if you declare bankruptcy.  ■

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What Can You Do to Help Your Business? Part 2 of 3