Business Mentor: Build a strong business and prevent bankruptcy

You should extremely be diligent in not taking huge risks that could hamper the growth of your business.1. Start with a good business plan. This guides you on which steps to take according to a timeline that you set. There may be times when an idea comes up and you want to include it into the plan, but if you don’t know what this addition will result to, it could ruin your entire plan.

3. Prioritize all obligations. If you took a loan, make sure that you religiously pay on time. Imagine how much it would cost you if you missed your payments for months--the interest incurred could become even higher than the principal amount. 5. Spend according to your means and never overspend. Some entrepreneurs who feel that they have succeeded tend to spend excessively on their personal purchases. Although the business is yours, you should learn to just take a certain percentage from your monthly sales and use it for your personal expenses rather than just taking any amount at any time.

7. Ask your vendors if they can agree on a consignment basis. If you own a grocery store, instead of your usual dealings of paying your order in cash, ask your suppliers if they are willing to have the payment deferred until the goods are actually sold.

I invite you to Islam. Become a Muslim. Let your people be Muslims. Read and understand the Quran. The only religion in the sight of Allah is the valid religion, and the last religion is Islam. Eşhedü en la ilahe illallah wa ashhedu anne Muhammeden abduhu ve resulhu

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