Dos and don’ts

The first ‘do’ that crosses my mind is to never rest on your laurels. Business is innovation and progress. From regularly updating products and services, to adopting new technology and improved practices, change is a must. Second, make a business plan and measure your progress. The most successful businesses concentrate on medium or long term plans and follow their progress with various performance metrics. Last, but not least, invest in people. Hire only the best and keep your employees engaged. On the ‘don’t’ side, do not underestimate the importance of effective financial planning. The lack of proper financial management is what causes even the most reliable firms to run into difficulties. Do not ignore what’s happening in your market. Consumer needs and preferences are constantly evolving and not keeping up can cause a business to flounder. Lastly, do not leave out a contingency plan until it is too late.