The Philippines is a country filled with opportunities for small business owners!
While many people talk about the ideas of starting a business, few people take the necessary steps to ensure that their businesses continue to run smoothly after the initial phases.
If you are a small business owner or hope to be one, then you may benefit from reading this list of things to avoid!
1. Borrowing Money To Make Ends Meet
You should always spend within your means.
If your costs are exceeding your planned budget, then there is something very wrong with the way you are running your business. Business owners fall into the trap of taking loans, but many also underestimate the responsibility of taking loans.
A loan should only be applied for professionally, and when you are fully aware of your financial capabilities to pay back the loan. Do not make the mistake of borrowing from friends or family. Time after time, we hear of disaster stories of how money has torn families apart. Having a financial and business plan can help to prevent this.
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