{"id":1820,"date":"2023-03-21T17:28:05","date_gmt":"2023-03-21T21:28:05","guid":{"rendered":"https:\/\/adiacapital.com\/?p=1820"},"modified":"2023-03-26T19:18:17","modified_gmt":"2023-03-26T23:18:17","slug":"5-things-startups-miss-in-the-first-year","status":"publish","type":"post","link":"https:\/\/adiacapital.com\/business\/5-things-startups-miss-in-the-first-year\/","title":{"rendered":"5 Things Startups Miss in the First Year\u00a0"},"content":{"rendered":"\t\t
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Starting a business is a learning experience, even for serial entrepreneurs and side-hustlers. And no matter what your size or how long you\u2019ve actually been in business it\u2019s always productive to look back so you can catch up to where you want to be.\u00a0\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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“We all miss something” said Mark Stephenson of ClientsFIRST Marketing. “I’ve been a part of a dozen startups and seen the inside of big and small companies alike, and every time you look you’ll see something new. Something you wish you’d done in year 1.”<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\u00a0Here are 5 things that many business owners WISH they would have known more about, and done more about, in their first year in business.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Cash Flow Management <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If you\u2019re financing commercial equipment, you probably already have some idea of the importance of cashflow management.\u00a0<\/p>

But many small businesses owners in particular wish they had a better handle on cash flow, budgeting and financing.\u00a0\u00a0
According to Investopedia, cash flow is the net amount of cash being transferred in and out of a company. Positive cash flow means that you have more coming in than going out at any particular time.<\/p>

Keeping cash flow top of mind is vital to any business, but companies in the commercial embroidery, dtf transfer printing or wholesale custom t-shirt business make for an easy example of its importance.<\/p>

That\u2019s because when you receive a big order for printed t-shirts, for example, you will likely have to produce the entire order to get paid. And if the order is from a bigger company, they\u2019ll typically only pay on 30 day terms or longer.\u00a0<\/p>

So, your cash OUT includes ordering the blanks and supplies. Those are almost never on terms, and typically a few days to a few weeks to come in.<\/p>

And your cash IN is 30 days after you complete and deliver the order!\u00a0<\/p>

What happens to the bills you need to pay in the meantime?\u00a0\u00a0
That question is what you need to answer as an owner that pays attention to cash flow.\u00a0\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Build Relationships <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Most surveyed wish they\u2019d spent more time networking with other business owners AND their customers.<\/p>

Many small business startups rely on their immediate circle of friends and family for their first customers, and then referrals from there. And while that\u2019s great for an initial foundation, the more you want to grow the farther outside that small circle you\u2019ll need to venture.<\/p>

Establishing networking relationships early and finding new ones often will provide not just a steady flow of new customers, but people you can lean on for advice and expertise as you grow.\u00a0<\/p>

Here are a few places where you can start building those all-important relationships:\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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