Updated: Sep 12, 2019
Yesterday, my daughter told me that she has not been sleeping well: insomnia she claims.
Poor thing, I felt bad. I joke a lot, but college is hard! She’s almost 22 now and graduating this school year. In addition to worrying about her schoolwork, she worries about finding a job, supporting herself and moving out from the comfortable campus life. It’s a LOT! No wonder she’s got insomnia.
Except she doesn’t!
It turns out that once she gets into bed she’s sleeping quite well! Her specific problem is not an inability to fall asleep; just a failure to get to bed at a normal hour! Turns out it‘s impossible to get eight-hours of sleep if you’re only in bed for three hours!
As an independent retailer, I often lose sleep too! But I do it the old-fashioned way: I get into bed and toss and turn all night!
When you own your own business it can be any of a number of topics that keep you up at night but for me, it’s usually the checkbook!
My business has been around a long time; 112 years and so it’s reasonably well funded. But still, the stress of keeping it well funded every month has cost me plenty of sleep over the course of my career.
Nothing keeps an independent retailer up like a small checkbook balance!
As an independent retailer, your finances can change quickly. I’m well funded today…. but if I’m not careful tomorrow may be a different story.
One of the ways my money can disappear is in my accounts receivable ledger.
I’m not in my stores everyday and so I don’t always know which customers are busy and how much they are buying. That’s a risky proposition since unless they’re paying COD, that’s MY money they’re walking out the door with!