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Useful Tips When Running Your Own Company

Discussion in 'Researching & Planning your new business' started by MarkB, Feb 16, 2018.

  1. MarkB

    MarkB Administrator Staff Member

    The more successful companies often make it look very easy but there are many different aspects to take into consideration. Here are some useful tips when running your own company:
    • Never get behind with your tax as it can prove nearly impossible to catch up
    • Do not depend too much on one or a small group of customers in case they let you down
    • Treat friends, family, acquaintances and employees exactly the same if they work for you
    • Ensure that you have the legal framework in place to cover yourself in the event of any accidents
    • Keep a very close eye on cash flow
    • Attracting new customers is the Holy Grail but ensure that you keep existing customers
    • Be competitive with pricing but do not get involved in a race to the bottom
    • Quality will always rise to the top so do not compete with inferior companies
    • Always have an end game in mind
    • If possible build up a war chest of cash the event of unforeseen expenses
     
    Businessman likes this.