Before you expand, be sure that your business has solid internal controls in place. Don’t allow the same employees to do receiving, classifying and pricing without proper check and balance.
An accounting system consists of the methods and records that identify your transactions and provides a basis for accounting for your assets. It is vital to managing your business.
Putting up a new business can be so demanding and stressful that even rational people can sometimes fall into the overspending trap.
Here are a few important things to consider before you buy an existing business.
Working capital should be differentiated from capital needed for expansion. Operating cash should not be used to fund business expansion.
Do more with less. It is possible to start a business even with limited resources.
Hiring people with integrity may be the first step to fighting irregularities.
Because it will be your succession plan to sustain the business in the long run.
Each to how he or she contributes, and what goes to those who are into other things
From protecting the brand to nurturing relationships