ADM 3313 Lecture Notes - Lecture 13: Cash Flow, Cash Flow Statement, Financial Statement
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> say no to loss making strategies to build market share or a customer base. > understand your cash flow cash position, monthly burn, timelines: work with customers. > ask customers to prepay fees or provide advances. > get customers to fund customization work (and let you own the ip). > deliver invoices with the goods, pay attention to collections. > don"t do business with dead beats and dreamers. > market with no money website, biz cards, trade-shows, cold calls: work with suppliers. > deal with service providers for low rates. > make use of below market rent space. > employ relatives and friends at below market salaries. > look for volunteers, work term and co-op students. > use personal savings, credit cards and loans. > forgo, reduce or delay compensation (sweat equity). > develop product at night and weekends while working elsewhere. > know where to save and when to spend.