Magazine article New Zealand Management

Time and Money

Magazine article New Zealand Management

Time and Money

Article excerpt

Two of the main ingredients for any successful business are time and money.

Time to allow yourself to plan the future of the business and time for the right balance of family and business. Money to carry out your plans successfully.

90% of businesses that fail, do so not because they have a poor product or service or don't have a market for their product, but because they have a lack of cash.

Money is tied up in their customers--sales made to the customer but not vet collected. The business is ham strung because customers take too long to pay. While the money front customers is not coming in, the supplier, the I.R.D. and in some drastic cases the employees, have to wait to be paid.

This results in lost discounts, decreased credit limits, stop credit and cash only terms being enforced by suppliers. As a result hefty penalties can be imposed by the I.R.D. as well as employee dissatisfaction and valuable time being spent 'fighting fires'. …

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