1. Always pay your taxes – the fastest way for a business to fail is getting behind on tax.
2. If you have tax arrears, call the IRD, negotiate a payment arrangement – something that is realistic – and stick
to it. Get a payment arrangement agreement in writing.
3. Do not fight the IRD, they have all the money and the resources; instead work with them.
4. Banks exist to make money for their shareholders.
5. Banks do not like risk, so if you get a loan from them, they will have every possible security covered, so that you
will usually be the one taking the risk.
6. Negotiate with the Bank. Banks can be helpful ~ don't be afraid to ask.
7. Pay yourself ~ if you are not making money from your business, do something about it.
8. The business is there for you to achieve your goals.
Customers and Others
9. You can not be all things to all people.
10. There is a market for quality, and a margin for that.
11. Try to stay out of the commodity market.
12. Every customer is different, ask questions to get answers.
13. If you are undercapitalised, the going is a lot tougher.
14. You have to let the business build a capital base before thinking about expansion, or financing large capital items.
15. Not every idea, or every opportunity, is a good one. Only back a sure thing, keep an open mind, err on the side
of caution, and make sure you do your research, and ask your Accountant for advice.
16. If you have advanced your Company money, ensure that appropriate documentation is drawn up, and you
register a security interest on the Personal Property Security Register for your advance.
17. Not having a budget is like not having a plan or a road map on a trip. Failure to plan is planning to fail.
18. Know your break-even point, your fixed costs, variable costs, and your margins.
19. Keep separate businesses separate! Fully document any inter-Company transactions or loans.
20. Pay your creditors once a month.
21. Business is a numbers game, winning it comes from the number of correctly priced sales.
22. Keep your Shareholder Current Account with a positive balance ~ never overdrawn.
23. Never sign personal guarantees to creditors (if you can avoid it).
Promotions and Marketing
24. If you are not working on the business, you should be working on getting more customers.
25. Understand your customers, and get on their shopping list.
One last thing…… Use your Accountant ~ they have seen it all before, are very experienced, and
are there to help!!New Post