Define the Problem
Identify all your business concerns – undelivered contracts, late or delinquent payments, inventory issues or the lack of cashflow to get kickstarted. Put them to paper. Define each individual problem. State the problem as clearly and as understandably as possible.
My problem is that I cannot order more groceries for my restaurant because I owe the supplier and they won’t deliver until they get paid.
Get your Facts
Put a number on the problem – be it either cost, materials, or time. Collect the data you need to make good decisions.
I owe $435.00 in unpaid invoices to my supplier plus a $25 late fee.
While it may seem easier to do this alone, reaching out for help on this one can be beneficial for you. One thing that stops most people from sharing their problem is the embarrassment of being in that situation. Know that the resource professionals offer their experience without judgement. But remember that two minds are better than one!
You could source a short-term line of credit from your commercial lender or a public sector lender to bridge the gap while your business gets back on track or you could use Friends and Family short term or you could sell an asset on Cody Classifieds or ….
Pick a Solution
Usually once you’ve hashed the issue out, the solution becomes evident – but you still need to pull the trigger.
Successful people don’t waffle once the decision is made. They get after it and make it happen. Intentionality means acting as if you are already successful – Do so and you will be!
I really don’t need that old motorcycle that is rusting away in my shed. I’ll sell it for $750, pay off the outstanding invoice and have some to spare for other bills.
Problem Solving is a simple matter of deciding which bite of the elephant to take. And then doing so!
Call Forward Cody’s office at 587-3136 – we’ll be glad to help guide you through these challenging times!