No matter what small business you own, you should read these "Small Business Survival Tips" to help you succeed.
You can be on the internet, do a traditional business, or be a local dealer with 150 employees. Whatever it is – you need to know how to keep your business alive during an economic recession. Whenever cash flow starts to tighten in a large or small company, money management in that company must be run like a "tight ship." You can hire a business consultant in Perth that can help you with your business.
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One of the things you can and should do is protect yourself from sudden impulse losses. We have purchased any goods or services that we really don't need, simply because we are in the mood or perhaps in response to the splendour of an advertisement or a seller's confidence.
We then "wake up" a few days later to find that we have allocated hundreds of dollars in business funds for an item or service that is not essential to the success of our own business while the real waiting goods are waiting for the dollar.
If you are registered, you can remove these "impulsive purchases" by adding a clause in your rules that reads: "All of the above purchase decisions (a certain amount) must be approved by the Board of Directors." This forces you to consider "impulsive buying" at a significant cost, and can even serve as a reminder for smaller purchases.
If your business is a partnership, you can specify when making purchasing decisions that all purchases are subject to third party approval. In fact, a third party could be your partner, one of your department heads, or even one of your suppliers.