3. Respect the boss
Atayde says that operationally, it is very important for business partners to stick to their respective job descriptions: "Even if my partners and I have an equal interest in the company and we sometimes clash in the boardroom, we always respect the chain of command. At the end of the day, we are five partners, but there is only one boss."
He explains that by sharing responsibility while allowing only one person to have veto power, individual stress is greatly reduced and everyone can perform better according to his or her strengths.
4. Stay debt-free
It is desirable for a company to aim to be debt-free. Thus, when Atayde and his partners were still growing Wishcraft, they came up with a policy that they have strictly observed up to this day: each of them will be paid a salary, but profits are to be plowed back into the business. ?We resisted being greedy and splitting the profits right away,? he says. ?We grew the business slowly, a process that allowed us to learn the business better.? The result, he says, is a debt-free company with a very sizable capital base.
5. Protect your capital
Using a company's profit to build capital can keep the business sustainable and resilient during lean times. Says Cruz: "Capital is essential in starting a business and protecting that capital is vital especially with the practice of many clients today of paying three to six months after service is rendered to them."