10 ways to save your business from bankruptcy - Part 2

This is a continuation of my post 10 ways to save your business from bankruptcy

6. Don`t ignore your competitors mistakes - usually in business publication you can only read about successful entrepreneurs and successful businesses, nobody writes about bankrupt businesses because that kind of business doesn`t sell the paper. Try to get in touch with business owners that got bankrupt and ask their advice, I know it is hard to do that but try it; it will help you a lot.

7. Having lots of clients – I know that sound normal, but think of those companies that have exclusive contract with just one client. In the beginning they will think that is going to be easy dealing with just one client, especially if it is a long term contract. But what if your “big” client decides to end the contract because you are not doing your job right? What would you do then?

8. Always get the experts opinion – Most times business people avoid asking business advices from certified companies, because they say it is a waste of money. But trust me a good certified opinion may save you a lot of money, even after you pay the experts fee.

9. Keep in touch with the latest technologies that go around your business – you will lose many clients and most important your competitors will go in front of you if you use the same old products or services.

10. Be careful when you launch new products – if you launch on the market new products that need a lot of recourses from your company make sure that you have studied that market very well and taking in consideration the risks. If the product is not a success your company may have lots of financial problems.