Not seeking professional expertise
To save money, small business owners often avoid seeking professional advice. I was recently approached by a new client who wanted to sell a retail building to another business entity he owned. He didn’t realize that he would have to pay taxes on the sale. By spending $100 consulting with me, he avoided paying $92,000 in taxes. CPAs, attorneys and other professionals can be pricey, but not getting their advice can be much more expensive.
No policies, procedures
Develop policies and procedures that employees, vendors and customers understand. Make sure that employees know and observe your company’s standard procedures. This makes for a more efficient and cost-effective operation.
Not investing in technology
Many small businesses don’t adequately invest in computers, software programs, telephones and other technology basics. The fact is, you can’t build a high-quality product or provide a high-quality service without the right tools. Technology can increase your efficiency and you make the right decisions quickly.
Businesses that become successful are invariably led by people who continue to learn. Study what you are doing and how you are doing it. Learn from other successful businesses and apply their methods to your own company.
It’s your business. Make the most of it.