A client I worked with years ago had a line of credit sitting unused for over a year, paying a small annual fee to keep it open, and considered canceling it to save the cost. Two months later a large client payment landed six weeks late and payroll was due regardless. The line of credit covered the gap in an…
A profitable business can still run out of money. That sentence sounds like a contradiction until you’ve lived through it once, and then it becomes the single most important lesson you carry forward. I’ve watched a friend’s business post a healthy profit on paper for the year and still nearly miss payroll in March, because the profit was sitting in…
When a customer taps a card and the sale goes through, it feels free. It isn’t. Somewhere between the terminal and your bank account, a slice of that payment is skimmed off — and if you run a small business, those slices add up faster than most owners expect. I’ve watched founders obsess over a supplier quote while ignoring a…