We’re all for passing on the most prescient advice about business leadership at the moment, so we were interested to read Ray Silverstein’s recent column ‘14 Things Smart Leaders are Doing Right Now’. Writing on Entrepreneur.com, Mr Silverstein provides a number of interesting tips for investors. The following ones caught our eye:
Monitor cash flow. Cash is king, now more than ever. Make sure your lines of credit are adequate, and pay extra attention to cash-flow projections. If you run short of working capital, manage by cash (not profit and loss statements). Monitor your numbers closely, and be ready to act.
Renegotiate with vendors to reduce expenses. Take your rent, for example. If your lease will expire in the next few years, suggest a longer-term lease in return for cost concessions. Or, if you are in a position to pay suppliers promptly, use it to obtain price discounts and promotional allowances.
What (realistic) tips might you add to this list?