Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, this week’s guest host, and I’m back with Chip Schweiger, one of the audit directors here at our firm. Welcome back to the Playbook Chip.
Chip: Thanks, it’s good to be here Jen.
Jen: Now as an audit director you’re often giving advice to clients who may be facing some tough stuff in their business, what advice do you give them?
Chip: Great question, especially in these times that we’re in right now. I tell our clients three things; one, look at your cash on a daily basis. Whether your business is going up or down or sideways, it’s important to know where your cash is every day; so cash, as they say, is really king. Secondly, make sure that you open up the lines of communication and dialog between your vendors and your customers. Sometimes when people stop talking with each other, other folks start to wonder what’s going on. And three, probably most importantly, make sure that you’re talking with and updating your lenders and investors on a regular basis. That way everyone understands where the business is going.
Jen: Sounds great, thanks for sharing that with us. We really appreciate it.
Jen: This has been another Thought Leader Production brought to you by the PKF Texas Entrepreneur’s Playbook. Tune in next week for another chapter.