5 Rules of business

Always obey these 5 rules of business to ensure the effective growth of your business

Every business needs to grow from one stage to the next level. Managing your business properly is one of the effective ways to enhance the growth of your business. However, there are certain vital rules of business that every entrepreneur needs to know in order to enhance the growth of their business to that next level and that’s why I would mention below the five rules of business that are very crucial.

These are the five basic rules of business;

1. Always keep a record data of your sales and expenditures.

The growth of your business can actually be measured by keeping a record of your sales and expenditures as this involves the cash flow of the business. This is the first rule of business, you must ensure that you keep a record of your business to determine the progress of the business in the long run. A business without a record data is a like a business without purpose.

2. Say no to credit

This is another rule of business that most business owners fail to adhere to when managing their business. A business owner must not sell his goods on credit no matter who the buyer is, be it a family member or friend. Giving out goods on credit will kill a business in the long run so therefore it should be avoided at all cost. 

3. Know what you customers want

You need to talk with your customers and get a feedback from them so as to know what they need at the right time frame. This rule is very important in business because it would give you dedicated customers who would always want to patronize from you.

4. Do not borrow or lend money from your business capital

This is another important rule of business that should be discussed. To ensure effective growth of your business, you need not to lend or borrow money from your business capital for whatsoever reason as it would limit the growth of your business.

5. Do not play with your business

Always ensure that you take business serious been punctual to work, restocking your ware house and stores, buying and supplying your goods at the right time. If you can adhere to these five basic rules of business, you will definitely notice an effective growth in your business.

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Published by Ernest I.

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