"It takes the same amount of energy to bounce a ball low as high - so you may as well bounce your balls high." Susanne Browne, www.handybaby.com. (Photographed with her sister Martina Delaney and the Dublin City Enterprise Award 2006).
"Look at the expenses, the working capital you need to carry debtors and the breakeven level that you need to achieve. Consider reducing your costs or increasing your sales - either the number of units you sell or the price you sell each unit at. Be comfortable with the idea that the planning may lead to a conclusion that a business you are passionate about may not be viable for you. You have responsibilities to yourself, your family and your staff. Cash is king - without it you cannot pay your staff or your suppliers and you loose control of your business" Pamela FitzMaurice, Blazing Salads. Tommy McLoughlin of Quality First agrees, “Cash is king and cash flow is the most important thing to watch. Many a profitable business has failed because insufficient attention was paid to cash flow.” According to Martin Murray, Chief Executive Officer of Interactive Return, “It is critical to understand your real working capital need and get them right, just as it is vital to manage cashflow carefully. Don’t underestimate the time it takes to develop a new product or service. Development time is usually much longer than one estimates. I would also advise anyone starting up to expose themselves to as much advice as possible and network actively. Make sure you maintain a good relationship with your bank”. What are Your Tips for Starting a Business?What advice would you give to Entrepreneurs who are starting up a new business? We would invite you to share your experience with people thinking of starting a business or comment on some of the suggested tips. Email Eibhlin Curley at ecurley@dceb.ie and share your experiences, with start up businesses. Further advice and Business Plan Templates are available in the online Knowledge Centre