Here is a list of a few things you can do:
- Negotiations: Every business owner knows that there is always room for negotiating a business deal. Ask yourself if you are looking for a win-win outcome where all parties will benefit.
- Taxes: There is nothing wrong with looking at legitimate ways to reduce your tax bill but do things the legal and right way.
- Creditor payments: You should be paying your creditors and suppliers on time and not use them as a bank. Late payments can cause your smaller creditors to collapse.
- Invoicing: Do you bill for actual expenses and a reasonable mark-up or do you charge some clients more than others?
- Government regulations: Are you operating within the all local authority regulations?
- Software piracy: Do you have official licencing agreements to use proprietary software?
- Staff: Are you paying your staff a market-related salary and do you have formal employment contracts in place? Do you comply with the labour’s regulations and make sure that you comply with the minimum wage and the provisions of the Employment Equity Act.
- Business partners and associates: Choose your business partners carefully and dont get into business with people with compromised ethical standards.