Ensuring that the following has been done will considerably enhance your chances of success:

•  Obtain advice before you start in the business
•  Prepare a business plan
•  Prepare a Budget and Cash flow Forecast
•  Maintain appropriate accounting records
•  Ensure that you receive financial reports on your business on a regular basis
•  Review your Budgets and Cash flow Forecasts regularly – at least quarterly
•  Conduct a market survey before commencing in business in order to understand the your customer preferences
•  Develop contacts with your customers
•  Closely examine whether your business location is satisfactory
•  Continuously update your product and technology knowledge
•  Review on an ongoing basis your quality control procedures
•  Hire and keep good staff
•  Use your financial data for managing   the business
•  Know your customers

Disclaimer: This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in this article is for guidance only and should not be relied upon without obtaining professional advice having regard to your specific circumstances.
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