Do Business Well

Even if you managed to obtain adequate finances for your business, one of the biggest traps is cash flow. Cash flow basically means the movement of money into your business (from the sale of your goods or services) and the movement of money out of it (to suppliers, the bank, other creditors and employees). The relationship of these two flows is very important. Many businesses go under because although they are owed a lot of money they do not have enough in hand to pay the bank/their own debts. There is nothing more frustrating than knowing you are owed 0,000 but not having enough cash in hand to pay for the weekly shop. Continue Reading »

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At some point you may receive a bill for legal costs that seems staggeringly out of proportion to what you had originally envisaged. Unless you keep a close watch on the situation you may find that, having put a certain matter into the legal system, the various aspects that can be pursued soon add up to a heavy bill. Having started on this process, it may become difficult to back out, with the result that, what was at first deemed to be a fairly minor exercise develops into a campaign, each stage of which incurs more cost.

So, we should judge the merits of taking legal action or of using the services of the legal profession in the same commercial way that we would purchase other goods or services for the company. Unfortunately we don’t usually do this because we just don’t know what is going on behind the legal scenes. Consequently, we tend to accept professional charges as being fair for the job carried out, relying on the solicitor or lawyer to invoice according to the time and costs he incurs on our problem. Continue Reading »

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