Friday 26 March 2010

GOOD MONEY AFTER BAD?

Are you even getting a salary from your business? Is the answer No, I wish. 
 
Alright then, here's another for you- are you in fact propping your business up by doing any of the following?:- 
 
* borrowing against your house 
* depleting your personal savings 
* using your spouses income or income from elsewhere 
* loading up personal credit cards 
* taking out personal loans. 
 
As a one off considered decision as part of a plan of action, then fine, 
 
but is it happening monthly? weekly? 
 
Then you need to ask this question- When will it stop? 
 
If this is what you are doing, it is probably because your business is losing money, and three things will inevitably happen. 
 
1. You will turn around the business so it starts paying you. 
2. The business will fail, taking down all the money you put into it and possibly you. 
3. You run out of personal funds, taking both you and your business down. 
 
But it doesn't have to be that way. 
 
You can break the cycle, and there is more help than you can ever imagine to help you solve the problem. 
 
Go talk to someone (me if you like)- there is plenty of support around (some good, some bad, but you got to start somewhere)- find people who have been through what you have been through and come out the other side- you'll be surprised how many people will tell you their story. 
 
But don't go and drain more of your depleted personal resources unless you know how you are going to get it back- it is the road to ruin.

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