Bad Credit Business Tips: Old School Wisdom for Keeping Your Budget Tight
Small business owners live in a digital age, one that has practices that have lasted hundreds of years being replaced or fundamentally changed by the addition of new technology. However, in the midst of this change there remains a wealth of business knowledge that remains just as important today as it ever was.
If a deal seems too good to be true, it probably is. This is an ancient piece of advice, but small business owners will probably recognize the truth in it. While this is not saying that there are no good deals out there, if something comes up that seems aberrant from a rule of thumb, for example a service that claims to offer the same functionality as other products but is half the price, then doing a very thorough due diligence before acting on the offer is in your best interest. If you are being heavily pressured to take what seems like an amazing deal, that should raise a red flag.
A bird in the hand is worth two in the bush. Sacrificing currently productive business to go after a longer term investment can be dangerous for small business owners who are financing their business with bad credit. While one must spend money to make money, if you jeopardize a current income stream to go after something which may or may not perform, you are not doing yourself favors.
There is no such thing as a free lunch. You should realize that bad credit business financing goes beyond the simple costs associated with running your business. It should also include the relative value of your time. Choosing to attend an event means that you are also choosing to miss work, and whatever you are able to make happen while there should be of equal or greater potential value. Everything you do has corresponding costs and profit potentials. Realize this and learn to balance them.
Photo Credit to Kamyar Adl on Flickr