Top Tips for staying solvent

Surviving the early of a start-up business can be a real survivor game. Here are some tips to ensure you give the business the best possible chance.

• Plunge your efforts into promotion and sales to bring you business to a break-even point as soon as possible.
• Once break even has been reached look to making profits to ensure long-term survival.
• Always be able to cover your fixed cost and see your variable costs, which will increase as sales do, don't get out of hand.
• Control all cash well. Keep invoices up to date. Make sure payment terms are clearly stated, have varying payment method options, and keep complete control on all expenditure. Always look to arrange more preferential credit terms with the suppliers.
• Save for the tax bill in a high interest paying account.
• Use the SMART target system for yourself and your employees, Specific, Measurable, Achievable, Realistic, and Time bound.
• Have weekly and monthly systems in place for reporting and setting objectives.
• Use your business plan and forecasts as your roadmap. Judge your progress against these to see how you are doing. Allow for adjustments in the plan and this will help to push the business forward.