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Principles to Avoid Bankruptcy
Fremont: The number of companies which filed for bankruptcy has risen from 617,660 in 2006 to 1,593,081 in 2010. The startling figure has made companies stand on their guard, and every enterprise is trying its best to ensure that they avoid insolvency. Here are few simple principles to avoid the companies from going bankrupt.
Keep an Updated Business Plan
A business plan is like a roadmap to guide the business towards or away from success. A good business plan includes details on the various verticals of a business and the strategies for each department under one head. It would also include the budgeting, sales, operations, and finance details, which would make all the information easily available for being tracked in tough times. A good updated business plan is the first indicator for any signs of deviation from the set target. Also, the business plan should be adjusted regularly to keep at pace with the market scenario.
