How to survive in business

Business bankruptcy and turnaround adviser Charles Benjamin, president of Benjamin Capital Advisors in Rye Brook, says company owners and executives can follow seven simple principles to avoid bankruptcy. The list was included in his recently published article in CFO.com magazine.

1. Always maintain an updated business plan and be totally committed to its achievement.
2. Always, at a minimum, achieve cash-flow equilibrium.
3. Always be meticulously accurate, proactive and timely in reporting and reviewing financial results.
4. Always ignore all “sacred cows,” aspects of your company that you think can”™t be changed, when matching revenues and expenses.
5. Always be transparent, timely and precise in reporting to secured and senior creditors.
6. Always be honest with others and above all, yourself ”“ no exceptions.
7. Always be open to the counsel of independent professionals when facing difficult or challenging circumstances.