10 best ways to… - top tips from experts on negotiating, closing the sale, raising money, attracting and keeping employees, print ads, cutting costs and getting organized

Entrepreneur, March, 1996 by David R. Evanson, Jerry Fisher, Cynthia E. Griffin, Lisa Kanarek, Danielle Kennedy, Robert McGarvey, Bob Weinstein

6. Finance prepaid expenses. "Business insurance usually is paid in advance for the full year," says Howard. Ask your agent for the name of a company that finances insurance premiums. One of two favorable results will occur, according to Howard: "They'll either give you the name of a company or finance it themselves by changing their billing plan."

7. Sell rights. If you have a proprietary technology, process or product, Howard recommends selling the rights in other parts of the world. "If you're never going to sell your product or service in Argentina," he says, "you might as well sell those rights to someone who will pay you cash for them."

8. Ask for extensions. Moving over to the right-hand side of the balance sheet, where the liabilities are, Howard suggests asking creditors for extensions. "Some people will say no," he says, "but others will say yes."

9. Sell equity. Heading south on the balance sheet into the shareholder equity section raises the specter of selling a part of your company. An enterprise's potential is worth something, and this value can be sold to investors who want to cash in on your future growth.

10. Analyze yourself. Get a pencil, pad and an Annual Statement Study from Robert Morris Associates, a commercial lender in Philadelphia that provides information on how to compare your company with others in your industry. "This will either give you solid evidence that you are a good credit risk and deserve a loan," says Howard, "or tell you in a New York minute why you need to apply yourself to steps one through nine."

Attract And Keep Employees

People are what make and keep a business successful for the long term. A good idea and a driven entrepreneur can get a company off to a fast start. But as the business grows, the quality of the employees becomes paramount in determining how the business fares in the marketplace.

"But I just can't attract and keep good workers!" is the entrepreneur's personnel lament. Listen up: It's not true. In fact, nowadays "small companies often are more attractive to employees than giant corporations," says Walnut Creek, California, employee relations consultant Ethan Winning, author of Labor Pains: Employer and Employee Rights and Obligations (TFM Publications). "We've all read about the downsizing of big companies. Today, small businesses look more secure."

Want more specifics about attracting and keeping workers? Check out these expert tips:

1. Sell job applicants on working for you. Desirable job applicants usually get multiple job offers. Up your chances of winning the best workers by using the interview to sell them on your company, says Roger E. Herman, an Akron, Ohio, management consultant and author of Keeping Good People (Oakhill Press). "You'll hire more of the applicants you want if you take time to tell them why your company is right for them," Herman says.

2. Know your mission. The more dramatically you state your business's mission--whether it's to make the world's best bagel or to outperform Wal- Mart--the easier it will be to hire and retain good employees, according to Charles Garfield, a management consultant in Oakland, California, and author of Second to None (Avon Publishing). "Employees want to know why they are working so hard," Garfield says. "The mission [statement] tells them." Bonus: Being part of a business on a mission is exciting for most workers.