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The entrepreneur's toolbox, continued ...Published: January 01, 2010
1. Learn to live with tighter credit – permanently.
“There
will be much more scrutiny by lending institutions,” predicts Puri.
“Yes, you can still get credit. But it will be much more difficult.
It’s not something you can just count on.”
In the 1990s,
Puri says, banks and other lenders were so anxious to get involved with
expansion projects, they over-extended to companies that lacked a sound
base.
“In the ‘new normal,’ you must rely less on credit
and more on internally generated funding,” Puri says. “But there are no
magical funding answers. It will take creative planning.”
Collins concurs: “Companies will need better track records and more capital; management will just have to work harder.”
THE ENTREPRENEUR'S TOOLBOX
1. Learn to live with tighter credit – permanently.
2. Be aggressive.
3. Forget annual reviews.
4. Horde your cash.
5. Develop "what if?" business strategies.
6. Re-think personnel,
both at the hiring and the management strategies.
7. Don't fear investing – but change
your investment strategy.
8. Insist on dramatically improved customer service.
9. Narrow the economic picture to your field.
10. Think globally, not locally.
<<< BACK TO MAIN TOOLBOX PAGE
| The entrepreneur's toolbox, continued ...Published: January 01, 2010 |
1. Learn to live with tighter credit – permanently.
“There will be much more scrutiny by lending institutions,” predicts Puri. “Yes, you can still get credit. But it will be much more difficult. It’s not something you can just count on.”
In the 1990s, Puri says, banks and other lenders were so anxious to get involved with expansion projects, they over-extended to companies that lacked a sound base.
“In the ‘new normal,’ you must rely less on credit and more on internally generated funding,” Puri says. “But there are no magical funding answers. It will take creative planning.”
Collins concurs: “Companies will need better track records and more capital; management will just have to work harder.”
THE ENTREPRENEUR'S TOOLBOX
1. Learn to live with tighter credit – permanently.
2. Be aggressive.
3. Forget annual reviews.
4. Horde your cash.
5. Develop "what if?" business strategies.
6. Re-think personnel,
both at the hiring and the management strategies.
7. Don't fear investing – but change
your investment strategy.
8. Insist on dramatically improved customer service.
9. Narrow the economic picture to your field.
10. Think globally, not locally.
<<< BACK TO MAIN TOOLBOX PAGE
