AVOID These 4 Common Small Business Mistakes

business dunceThere is a fine line between success and failure in the small business world. Get it slightly wrong, and you could soon be finding yourself in the local job center, not looking for a new employee, but looking for a new job. Do you really want to be going down this path again?

We have listed the 4 most common small business mistakes. AVOID these at all costs!

Not having a system for getting paid

The simple truth of the matter is that customers and clients will do anything to avoid paying you. You end up spending hours of your time chasing them down, while more important matters get ignored.

Don’t make this huge mistake. Instead, make good use of free online invoicing software and in no time at all your headaches will disappear.

Not having a business plan

The next common small business mistake is not having a business plan. At the end of the day, if you don’t have a plan, then how do you know where your business will this time next year?

Fortunately, writing a business plan doesn’t need to be a daunting task. The main thing to keep in mind is that you should keep it simple. Think about simple factors such as who are your target customers, and how you will reach them. Once you have a solid plan in place, then your business will start to gain momentum.

Not being the boss

Another huge mistake is acting like an employee rather than a boss. As an example, if you owned a restaurant, then do you think that being the back washing dishes every night is a good use of your time? Of course not.

This is why you need to focus on the most important tasks in your business, and then hire staff and sub contractors to take care of the tasks that don’t need your urgent attention.

Not hiring an accountant

It doesn’t matter if your business is small, medium or large…you need an accountant. Not only can they organize your finances so you keep out of trouble with the IRS, but they will also offer you advise on the best practices for your business.

Look to hire an accountant who has experience in your industry so the advice is more specific. Also, hire an independent company rather than a large firm, as you are more likely to receive personal attention rather than just being another number in the system.