Five years later we are still at it -- still experiencing growing pains. If I had it to over again, would I? Yes, but if I knew what I know now, I would certainly do some things differently. I underestimated the difficulty of bootstrapping a business. I think it is because I was not fully aware of the cash demands on a growing business. Trying to operate successfully in a constant cash-strapped mode is tough. The lesson here is to be extremely conservative with cash flow projections and plan for worst case. If your plan requires everything to go perfectly, then you'd better rewrite it. New businesses are the test-beds for Murphy's Law and all its corollaries.

Most books on starting a business emphasize the importance of cash flow and it cannot be overemphasized. When I analyze our small business, it is easy to see that everything we do hinges on the timely receipt of cash for product shipped. To ship product, our materials have to be in the plant as needed -- but not too soon. In a manufacturing business, one quickly learns the value of turning raw materials into finished goods as soon as possible. It's to ship and get paid so you can pay the raw materials guy so he'll ship you more when you need it.

Things like payroll, tax deposits, rent, utilities and interest payments keep coming due. Failure to keep cash flowing can put you in a big hole in a big hurry. So be ever vigilant in keeping your people building and shipping product. Make sure the tools and materials are always available. Mail invoices promptly and be relentless in your collection efforts. Keep your important vendors happy. Paying promptly will always do, but a phone call when you are going to be late, goes a long way to keeping things smooth.

Be extremely frugal in your non-essential purchases. Your old PC is probably still good enough as is your old car. New office furniture would be nice, but it doesn't help ship product. Better tools or floor pads for your workers, however, may result in better efficiency. You get the picture.

Why do I get the feeling that despite reading all these words of wisdom, you still won't know until you do it yourself.