5. Is it right time? Timing can be a key to success of a start-up. There's a right time and a wrong time to open a business, especially if your business is cyclical in nature or in a seasonal location. The opening of a retail slot in your favorite mall, or your own convenience should not be your reasons for starting a business. Rather, you should plan through months when crest for demand of your product cyclically ends.

6. Control cash. Cash flow is said to be lifeblood of a small business. And rightly so. Your business will survive only as long as it has cash to pay for your financial obligations. With limited capital, cash flow controls every decision in shoestring enterprise, and it can be only way to navigate during your start-up phase. One key rule for entrepreneurs: only when you have adequate cash can you even begin to think of profits. Many businesses fail not because they are undercapitalized, but because they fail to properly plan undercapitalized operation.

7. Push sales. Building sales depend on several factors - nature of business, location, level or competition, and intensity of marketing and promotion. The goal of every shoestring entrepreneur must be to build up sales immediately. If you have a bank loan or financed your business through credit card, for example, your creditors will not allow you to delay your payments just because you are still in process of building up your sales. They want your payment - now! You therefore need to push marketing of your business, maybe issue a flyer this week, run a one-paragraph ad in local newspaper next, send out news briefs and article contributions. The key rule is to dedicate at least two hours of your day to marketing your business. Know steps you'll take before you open and after you open to maximize sales and help business to fast sales increases.

8. Balance your sales and profit objectives. Sales and profit do not always go together. Some entrepreneurs are willing to cut down their profits in their effort to drive sales up. Oftentimes volume alone will not be able to compensate for loss in profits. Try to maintain gross profits at least equal to industry averages. Strive to give business best balance between a solid policy of capturing sales without sacrificing needed profit margins.

9. Be 'lean and mean'. A struggling start-up does not need dead weights. Keep your fixed costs down, and spend only on items that can sufficiently contribute to improving bottom line. If you can still adequately operate from your home office, there is little need in leasing an office space in downtown area. Avoid hiring a permanent employee if you can still make do with temporary and seasonal staffs Every dollar in expense should be directly tied to income: spend a nickel only when you are sure you can get a dime in return.

10. Master financial tools. As a business owner, you are responsible for life and growth of your business. This entails knowing, not only marketing or production aspects of your business, but financial tools you need to manage your business effectively. Understanding finances of your business will give you control over its direction. Unpalatable it may be to some entrepreneurs, knowing money part of your business will tell you where you've been, where you're going, and how fast you're getting there. Sure, you can hire bookkeepers and accountants. But you yourself need to understand your cash flow, income, profit and loss statements, and break-even point.

GROUP YOUR PRIORITIES

Define which projects need immediate attention and which don’t. Here's how Charles Kangethe of SimplyEasier (http://www.simplyeasier.com) tackles his tasks:

"I work on principle that there are categories of things to work on.

“Mission critical - Must be done NOW else whole thing goes down tubes - e.g resolving a web hosting issue that stops your site from loading.

“Business Critical - Must be done soon, but can be scheduled - e.g banking, accounts Urgent, and Important - e.g writing next issue of your e-zine that you promised your list for tomorrow, or replying to List members support e-mails.

“Important not Urgent - e.g Correcting a small hard to spot typo on a web page, or replying to non-support issues on e-mail Others - any other tasks.

“Divide your tasks into some similar categories and be ruthless with which tasks you put into top categories. Then work down from list!"

USE TIME BLOCKING TO GET THINGS DONE

Taking “To Do” List a step further, I block out specific time periods for specific tasks. I break time into 30-minute intervals.

Once I have a task scheduled, more likely it will be completed.

It may look something like this:

9:00 - 9:30: Work on new article. 9:30 - 10:00: Write new copy for web page. 10:00 - 10:15 -Take a break 10:15 - 10:45 - Edit e-zine.

Be sure to schedule a break before moving on to new task. Your brain needs a “breather.”

Summing up key time management strategies: ·Don’t compulsively check your email. ·Determine time of day when you’re most creative. ·Do your most mentally taxing work during your peak creative time. Save menial tasks for you low energy periods. ·Create your “To Do” List. ·Categorize importance of each task. ·Block out time intervals.

But cut yourself some slack. Obsessing over every detail and task will burn you out. You’re human, not a machine. Take breaks, go for a walk, or have lunch with a friend.

This time away from your computer will rejuvenate your brain and body and will result in a more productive, efficient and happier entrepreneur.

David Coyne is a copywriter, marketing consultant and president of DC Infobiz -http://www.dc-infobiz.com Get FREE e-books you can sell to customers. Visit David's website.