As a small business owner, managing the day-to-day operations of a company can be challenging. Below are a few common business mistakes that are often overlooked but can be easily avoided:
- Thinking “I can do it all myself” – You should use your skills to manage and grow the business, not to perform daily tasks that can be delegated.
- Ignoring your professionals – Stay in contact with each of them throughout the year. The best time to solve or prevent problems is before they become larger. Remember, once the tax year is over, it is difficult for tax professionals to provide tax planning!
- Relying too much on professionals – It is your duty to evaluate their performance. Remember, as the business owner, you know the business BEST!
- Falling behind in record-keeping – Procrastination is the enemy. When data is current, you will receive better advice from professionals and make more reliable decisions. Establish and implement policies and procedures from the beginning for proper record-keeping.
- Not using “reality checks” regularly – All bank accounts, customer receivables, inventories, and vendor payables should be regularly reconciled.
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