Eight Tips to Avoid Bankruptcy of Your Business

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Eight Tips to Avoid Bankruptcy of Your Business

However, for a company to have a long life, it is not enough just to have an entrepreneurial spirit or to worry about a product, consumer and competitor. Legal details are essential for the survival of an organization. You need to make good management and have planning. We have selected eight tips for your business to be preserved and not need to face bankruptcy. Check out:

1 - Planning: it is fundamental for any company. To manage a business naturally, you need to maintain discipline, have long-term goals and vision;

2 - Listen to experts: Seeking advice from independent and impartial people to help in making important decisions, so that your company is not harmed later. Hiring a legal advisor becomes an essential investment to avoid mistakes that can lead to bankruptcy;

3 - Separate the individual legal entity: making withdrawals without planning actions that can affect the company's cash in times of crisis. In addition to symbolizing a slice that should not exist in the financial spreadsheet, they may generate some tax problems;

4 - Attention to contracts: care must be taken with contracts signed with suppliers. Do not sign a document without being sure that you have understood its specifications and that there will be no loss in case of unforeseeable withdrawal or closure;

5 - Work agreements: It is important to be aware of the minimum details of a work agreement. A well-formulated contract with description, details and specifications will prevent work proceedings and consequently, convictions that de-structure the company's financial health;

6 - Customer relationship: Errors in service or product delivered may cause damage repair processes. To avoid such situations, contracts with customers must also have all product specifications, not to mention the penal clauses for noncompliance. If you deal with the end consumer, attention should be redoubled;

7 - Anticipate problems: Always envisage situations of risk and problems that may occur during a negotiation or during the sale / execution of a service. Do not forget what may also happen during after sales. An anticipated problem will be a situation already foreseen in contract;

8 - Perform renegotiations: If your company got to the point of debt, it is important to talk to creditors and renegotiate debts, seeking the best rates and deadlines. Failure to comply with what has been agreed upon, benefits obtained, credit and credibility are lost.