Page 30 - Paulisms: Gold Nuggets for Small Business

your business can afford it, employ someone to lessen the load. You may not be able to afford not to.
1.9 Banks
Talk to your bank even when you don’t have to. I used to communicate even when I didn’t have to communicate. It builds trust, and when you have that trust, they will help you. If you have a loan or an overdraft, it is not your money and the bank needs to know if you aren’t going to meet your obligations. They will help you, but never tell porkies (lies) – it will come back to haunt you. I used to communicate to the bank if I thought we would go over our overdraft, and in most cases we didn’t go over. Twenty years on I am still with the same bank manager (Bevan Stuthridge). I followed him around different banks and he was a big part of our success by supporting growth. He trusts me and knows I am good for my word. The bank and bank manager are an integral part of your success. Respect it!
1.10 Insurances
The longer I have been in business, the more I respect the need to protect yourself with sufficient and the right business insurance cover. Insurances like Public Liability and Directors Professional Indemnity insurances are a must, in my view. Then you have Income Protection insurance, and so on. Don’t think of it as a dreaded expense, as it could cost you a lot more than the premiums when the insurances are needed. It’s not necessarily today