It�s often said that the first year of a new business is the most difficult. Research shows that nearly half of all businesses disappear within three years of start up. The following points are important for a successful business:

• Good management - nothing in business remains static so make sure you are able to handle change.
• Adequate planning - prepare a detailed business plan before you start and review your plan regularly.
• Sufficient financial resources - develop and maintain good relationships with your lenders.
• Healthy cash flow - try to make realistic projections about your cash flow and be sure to think about possible problems. If you have trouble meeting a payment, call the lender or supplier immediately.
• Controlled spending and the ability to collect money owing - pay all accounts on time and avoid bad debt situations.
• Effective marketing - don�t be shy � promote your business.
• A good product or service - identify your customers� needs and try to meet them more effectively than the competition.