10 Common Mistakes Small Businesses Make

There are hundreds of mistakes business owners make when it comes to running their own companies. They vary from the website mistakes to incorrect usage of effective business tools.

Statistics shows that most mistakes are very common and are made almost by 95% of all business owners. Recommendations to wanna-be entrepreneurs often include what they should do to become successful in their businesses, but rarely mention what they should avoid to do, although it is equally important.

Small business owner reading newspaper

Today, we are going to talk about what we personally consider the biggest mistakes often made by small business owners. Avoiding these mistakes can save the business you are working on.…

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8 Huge Inventory Management Mistakes

Inventory management is way more than taking a tally of boxes in your warehouse every six months. In fact, an updated inventory management system can give you all sorts of insights into your business, from tracking seasonal trends to understanding why certain products aren’t selling. Yet, plenty of companies continue to perform manual counts, making all sorts of egregious mistakes that cost their business vital money and time.

Inventory manager is making inventory management mistakes

Here are some of the worst inventory-related blunders made by more businesses than you might expect.

1. Refusing to Spend Money on Inventory Tools

Among new business owners, there is a rampant misconception that all you need to manage your inventory is paper, a writing utensil, and a strong ability to count, so it seems that spending money on inventory management tools is a massive waste.…

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Stop Profit Shrinkage: Small and Sneaky Ways Your Business is Losing Big Money

There are more ways to lose money in business than to make money. In fact, if you’ve been in business for any length of time, you know this adage can ring very true. Here are a few mistakes that have killed even successful businesses.

Frustrated businessman making business mistakes

Too Many Meetings

The 1980s called — they want their meetings back. If you spend more time in meetings than you do making sales, then your business is in trouble. Having too many meetings is the hallmark of a company that can’t find itself, doesn’t know how to turn a profit, and spends way too much time trying to compensate for poor marketing.…

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6 Common Spending Mistakes New Businesses May Make

Most of today’s small businesses experience failure during the first few years of their operation. Whether it’s a lack of planning at the beginning or some other pitfall, there are common mistakes you need to avoid in order to stay alive. You can boost your company’s chances by avoiding the six following mistakes.

Startup mistakes

1. Begin Your Business with a Huge Loan

The first two years of business is critical for small business owners. Since many fold at the beginning, you want to ensure that you’re getting the most out of your employees. Although you want to focus on efficiency and meeting deadlines, you also want to set a positive environment for your employees to work in.…

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Self-Employed at Last: The Top Common Blunders to Avoid at Any Cost

Being self-employed is a lot of fun, but it’s also a lot of work. Most new business owners make a lot of mistakes. Here are some of the most common, and how to avoid them.

Making business mistakes

Failing To Budget

Small businesses are especially prone to accounting mistakes, unless they happen to be accountants.

Make a budget, and stick with it. Budget out, to the penny, how much money you need to keep the doors open. Then, round up. Yes up. Add in 10 percent to that rounded figure. This gives you a nice cushion – a safety net – that hopefully you’ll never have to use.…

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Critical Business Mistakes to Avoid in the Coming Year

As the new year approaches, most of you will be thinking of ways you can improve both your personal and professional lives in 2014. Oh, the agonizing decisions we’re going to be faced with whence the New Year’s bell rings in Time Square: app development; content marketing; social media; new competition taking established customers; what’s the bloody government going to tax us on this year; tech changes; will the first quarter be strong – or will our profits reign in the fourth; will the economy get stronger – or flatline as it has without warning in so many past years?

business mistakes

All these and many others weigh on the minds of any business owner.…

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