SmallBusinessNewz

We're picking up today where we left off with the rest of Doug Palmer's financial tips for small business survival. Has your business reached a standstill in terms of growth? If so, application of these management areas could be just the boost it needs.

In Part 1, we discussed proper management of your cash, account receivables, inventory, and fixed assets. Today, we're going to look at managing other assets, accounts payable, lines of credit, and equity.

With managing other assets such as intellectual property, you want to keep it safe. Intellectual property is many companies' biggest asset; therefore, it needs to be protected and paid first. Also, address any space or location deposits and book it accordingly.

Managing accounts payable is similar to managing other assets since you must prioritize. Always pay your most critical vendors first. If possible, avoid making payments on your credit cards. Palmer says, "DO NOT order a debit card - This will put your most precious asset (Cash) in jeopardy."

In managing lines of credit, you need to prepare for the bad times when times are good. You never know what may happen, so be ready for the worst. Be meticulous in this process to ensure that no mistakes are made that could jeopardize your reputation. You want to have a good working relationship with your bank.

The last of the survival tips deal with managing equity. You essentially need to protect your equity. You want to reward your key employees with equity and then closely guard the rest of it.

Let us know if you have any questions regarding Doug Palmer's survival tips. For more information on them, tune in to the SmallBusinessNewz video.