Top 5 Tips for Business Longevity

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Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.

1. You can’t predict the future for your business, but it is possible to conduct fairly accurate risk assessments so that you have a decent idea about the things that might go wrong and have a bearing on the direction your business takes in the coming years.

2. It is important that you remunerate yourself for the work you complete and the time you invest in your small business. However, this has to always be a balancing act between rewarding yourself and not financially crippling your business by withdrawing too much cash.

3. If your business is to last until your retirement age (and perhaps beyond) you will need to think carefully about diversifying your portfolio so that your future is not totally reliant on the continued success of just one product or service.

4. Carefully manage your cashflow at every step. A temporary lack of cashflow can kill a small business frighteningly quickly, especially now that banks are unwilling to even entertain the notion of lending to entrepreneurs.

5. Keep informed and up-to-date with all the developments in your industry. If major changes are coming there is no use sticking your head in the sand and ignoring them, you need to deal with them head-on even if it means changing your business model to ensure long-term survival.

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