{"id":24967,"date":"2016-11-21T18:13:43","date_gmt":"2016-11-21T22:13:43","guid":{"rendered":"http:\/\/www.andysowards.com\/blog\/?p=24967"},"modified":"2021-05-27T12:30:32","modified_gmt":"2021-05-27T16:30:32","slug":"business-longevity-tips","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2016\/business-longevity-tips\/","title":{"rendered":"Increase the Stamina of Your Business! Read These Longevity Tips"},"content":{"rendered":"

What good is a business if it\u2019s only going to make you some money for a year or two before disappearing from the face of the Earth? You need to make sure your business is in this for the long haul. Because an alarming amount of businesses fail<\/a> within their first few years. Keep your business around for longer with this advice.<\/p>\n

Get legally protected<\/h3>\n

You could do everything in your business perfectly except this and you still be putting your business in extreme danger. So many businesses fall at vital hurdles because they didn\u2019t consider the legal complexities of their startup until it was too late. The sort of things I\u2019m talking about are patents, trademarks, tax laws, contracts, health and safety… There\u2019s a lot! You need to get fully clued up about business law<\/a>. If you don\u2019t, you\u2019re going to run into trouble further along the road.<\/p>\n

\"not-so-obvious-tips-i-learned-while-incorporating-my-company\"<\/a>
\nA Few Not So Obvious Tips I Learned While Incorporating My Company<\/em><\/p>\n

Stay on top of payments<\/h3>\n

It\u2019s not just about making sure you sell your products. It\u2019s not about breaking even. In business, you\u2019re got to make sure you\u2019re making a healthy surplus when it comes to cash flow. So you need to investigate all areas in which you are receiving revenue and making payments. This, of course, means you need to get an excellent bookkeeper! Whoever is overseeing the funds of your business, they need to be able to deal with cash flow problems that may occur. For example, they should know about things like factoring accounts receivable solutions.<\/p>\n

\"why-you-need-to-stop-worrying-about-profit-and-start-worrying-about-cash-flow\"<\/a>
\nWhy You Need to Stop Worrying About Profit and Start Worrying About Cash Flow<\/em><\/p>\n

Remember the competition<\/h3>\n

Don\u2019t become complacent around the competition! New businesses often do this. They become so fixated on developing themselves as a business within their own terms that they forget to keep an eye on the competition. Of course, there are plenty of others who make the opposite mistake. You shouldn\u2019t be getting obsessive<\/i>. But you do need to have an understanding of their market and what makes them a strong business. Don\u2019t get stuck eating their dust!<\/p>\n