Top 5 Small Business Pitfalls

Posted in Business & Finance

Top 5 Small Business Pitfalls

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.

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