We have found the following suggestions helpful in recovery through Business Debtors Anonymous:
Create a personal spending plan via Debtors Anonymous
Work out a 12 month business plan: include all costs, projected revenue, and payroll—be sure to include you own salary.
Review the Business Plan with a Business Pressure Relief Group meeting.
Open and maintain a separate business checking account. Separate personal from business finances.
Create an action plan to ensure the business bookkeeping records are clean, orderly and accurate.
Be willing to be both in charge and responsible for all aspects of your business. Professional help—accountants, lawyers and consultants—are working for you and are not your business’ higher power
Show up for your business and keep your focus on generating revenue. Your business collars and time spent should generate revenue.
Be very clear about your profit. Know your profit margins on each and every business transaction whether it involves a product or service. Write it down, use your calculator, run a tape, double check the numbers.
Detach from difficult personalities: clients, partners, employees, and your own DIS-ease. Remember in all your business transactions its principles before personalities.
If you have a problem with record keeping, billing or collections: BOOKEND. Bookending is a very valuable tool for you and the person you call. It’s a form of service and commitment to recovery for all parties involved.
Be aware of the competition, but don’t worry about it. There is enough for everybody. It is and abundant universe. Consider your competition as a valuable teacher. Don’t compare your business insides with your competitor’s outside.
If you feel either high or low when closing “deals” or financial commitments: BOOKEND. Try not to dramatize!
Pay bills promptly and get payments due to you promptly.
Put all your business agreements in writing. To save money and confusion, write your own letters of agreement before seeking legal advise.
Take care of yourself. Remember HALT: don’t get too Hungry, Angry, Lonely, or Tired.
Begin building cash reserves—no matter how humble.
Compare prices before contracting, giving an order, or signing a check. When it’s time write a check, stop all other activities and THINK.
Don’t debt “one day at a time” and keep coming back to D.A. and B.D.A.