Augusta
VIP Contributor
Liabilities of a business is the Owings of the business incurred. A business with much liabilities is bound to collapse now or later. High liabilities in the business is what brings about bankruptcy in a business, whereby the assets of the business will auction to pay off debts. But the truth is that the liabilities of a business can be reduced if the business take some steps to curb getting to the point of having huge liabilities. The following steps can help
1.Start by employing only the numbers of employees that you can comfortably pay. No need to employ workers that would remain redundant.
2.Buy only equipment that you would be of value to the business. no need getting fancy equipment that wouldn't be needed much for the running of the business.
3.Get only the best professionals that the business needs. Avoid bringing unnecessary experts to cut down on payment that you need to give out.. You know the professionals your business need, you can just get one person that is most knowledgeable in it.
4.Use a shop space that will accommodate you but shouldn't be too big for your business that will be making you pay heavily for yearly. so you need to be moderate about this to reduce liabilities.
Add your own thought?
1.Start by employing only the numbers of employees that you can comfortably pay. No need to employ workers that would remain redundant.
2.Buy only equipment that you would be of value to the business. no need getting fancy equipment that wouldn't be needed much for the running of the business.
3.Get only the best professionals that the business needs. Avoid bringing unnecessary experts to cut down on payment that you need to give out.. You know the professionals your business need, you can just get one person that is most knowledgeable in it.
4.Use a shop space that will accommodate you but shouldn't be too big for your business that will be making you pay heavily for yearly. so you need to be moderate about this to reduce liabilities.
Add your own thought?