Owning and running a small business can be rewarding for any aspiring entrepreneur but the overall responsibilities that comes with being your own boss is the collapse of most owner/operated businesses.

The freedom you anticipated in setting your own hours, holidays, salary scale, managing others and sailing your own vessel can be quite stormy, especially when you realise that all that has to be done now, depends on your own power, strengths, and weaknesses. However, with proper business and time management planning, you can still sail into new horizons with less stress and a little more success.

For the next five years, you can essentially forget about having a 9-5 set schedule and some public holidays off (some would say banker's hours but most bank executives I know these days keep longer hours than in the past).

However, if after five consecutive years at the same business you are not making some time for yourself, something has gone seriously wrong regarding your management style! I listen to many of my colleagues who hire employees who time after time do not show up for work on particular holidays and to my amazement same said employees are still employed. Or on the other hand, others will c omplain of so much uncollected money "out there'' and in the same breath, say they are presently experiencing a severe cash flow problem. My response to the "out there'' situations is to ask them bluntly "out where?'' because when they are explaining about their cash deficit, they have this seriously far away look as though they honestly believe the monies are in outer space or somewhere way beyond their physical reach.

It's statistically proven, that most small businesses will not get a chance to celebrate their first birthday and the collapse of some of those small businesses is their inability in setting up accurate and formal procedures to collect outstanding receivables. Some say they are just too shy, timid, and/or embarrassed to ask directly for money owed to them or that they don't have the time to set up a proper billing system. Whatever type of sales or services you are providing, promptness and customer satisfaction is a necessity and that also relates to your getting paid for your sales or services rendered. The quicker you collect your outstanding cash payments, the faster you can pay your own bills and take advantage of possible trade discounts offered by suppliers etc. Always keep in mind that getting your outstanding payments in on time will enable your to easier manage the scheduling of most aspects of your financial obligations. Get your priorities in order.

Here are some suggestions for developing a healthy business and staying on top of things: If you have a business plan, get it out and follow it. If you don't, write one and follow it.

Take the necessary time out to plan your day instead of your day planning you or doing whatever comes up.

Jot down the things you want to accomplish in a seven-day period -- keeping a diary to see exactly what you have accomplished. You may be surprised at the time wasted by not having a precise time schedule for yourself.

Open up your own mail and then delegate.

Sign your own cheques.

Always check your bank and credit card statements.

Address customer complaints immediately.

Prepare invoices immediately (preferably with delivered goods/services) Be cautious and discreet -- only your accountant and attorney needs full financial disclosure.

If you are thinking of opening up your business or are already in business for yourself and need assistance in writing a business plan visit the US Government Small Business Administration for step by step assistance at www.sba.gov.

You cannot totally depend on others. Organise your workday beginning with opening up the mail yourself. This will allow you to know first-hand what's coming in or isn't to your business and also let you know for sure if the proverbial "cheque's in the mail''.

Cindy Swan is a Professional Organiser with over 20 years of office administrative managerial experience and a member of the National Association of Professional Organizers. Her column appears in the business section on the first and third Thursday of each month. Address inquiries to Cindy Swan, PO Box 304 St. George's GEBX or email her at bermudagolf yibl.bm