Do It Now.
I bet you did not contact your main financial supporter yesterday like I told you. You didn’t talk with your banker, venture capitalist, your parents, franchiser or whoever is providing you with leveraged capital. OK then do it today and a week from now and the week after that. Financial markets are shifting fast and you need to stay on top if your small business is to survive.
You may think your business is widgets or serving lattes, but you would be wrong. Business is finance. There are very few businesses of any size out there who do not rely on someone else’s money to support their day to day operations. People borrow money to buy inventory or rent space or cover the payroll or any number of things that keep a business moving.
Even if you did think about calling your backers maybe you saw Wall Street rally on the rumor that the Federal Reserve Board will do something to help those financial institutions with bond and loan problems. There is an old saying on Wall Street. Buy on the rumor. Sell on the fact.
As I mentioned yesterday the Fed is in a box and will probably not do as much as anyone thinks they should. We are going to be in for a bumpy credit ride. If your seat-belt isn’t fastened you could suffer a serious or fatal injury.
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