There are many challenges to owning a small business, and these rank among the most-consistent challenges for small business owners.
❑ Thinking you Know Everything: The economy and your demographic are constantly changing. Be willing to change with them.
❑ Working too Much: Burn out is no good. Make sure you schedule an adequate amount of time off for you and your employees.
❑ Business and Pleasure: Be careful to keep personal finances and business finances separate. If you must borrow from one or the other, keep a receipt and replace the funds as soon as possible.
❑ Multiple CFOs: Having a business partner can be risky, so either have a buyout agreement included in your business plan or hire a Chief Executive Officer instead of having two Chief Founding Officers.
❑ Disrespectful Employees: Instead of hiring friends and family, send every potential employee through the application and interview process and have a consistent method for evaluating employees' performance on a regular basis.