By Sam Harper

1. Losing Receipts – Or Saying “who cares its only $5 bucks” Most common are fuel receipts & small items such as pens and paper.. Remember if you do not have proof of the purchase you cannot claim it as a business expense.. It is your right to only pay as much tax as is fair, the government will not give you any credit for being a nice person, so keep all receipts.
2. Not keeping accurate records Not using Accounting Software or a simple set of paper books. Not making diary notes of the time, date and the name of individuals you speak with about important business issues.
3. Getting in over your head financially This is obvious, however it is one of the biggest killers of Small Business. Stop, Step Back and have a Look, if it was your daughter making these decisions would it still look so appealing
4. Not accepting credit cardsToday many people use credit cards exclusively as they are connected with their house loans. Not accepting them because it may cost you a few extra dollars in fees could also be costing you customers.
5. Not having reliable suppliersIf your business requires the use of suppliers, always have a backup plan if and when they become unreliable. Sometimes when they know you can go elsewhere they quickly solve their issues.
6. Not having adequate Insurances – eg. Income ProtectionThis can be a drain on the Small Business Cash Flow – But if its needed its a huge asset. Can your business survive without you ? Will you loose everything including your house if you cannot work ?
7. Not Backing up your electronic Data – ALL OF IT This should be at number one on the list. Once your PC Crashes its too late to backup. Spend the time to at least once a week and backup everything, all your document folders and your accounting data. Keep copies of your contacts and any other information in black berries or mobile phones as it can suck when they crash also.
8. Not knowing how to collect bills – From Non PayersThis may rarely happen if you spend the time to develop relationships with customers. But some customers have no intention of paying from day one. Set yourself out a step by step process to retrieve money and stick to it. If you have to engage a collection agency then so be it, you may loose a percentage to the agency but getting back some is always better than none.
9. Ego – Egos in business do not mix But ironically too many business owners are so full of there own self importance that they become unapproachable. Yes you are the boss, Yes you are the one with all the headaches, and yes nobody except you can know these things. But to become unapproachable to clients or employees (if you have any) could mean that your business may eventually die a slow death.
10. Being a lone ranger – Not NetworkingI know this is a really ugly subject as Networking brings up bad images for a lot of people. But in this constant changing world making more contacts on a personal level is a must. Join a local business organization you will be surprised at the value you will receive. Plus you may only have to set aside one night a week or month to meet and greet, and this activity could add thousands of dollars in referrals to your bottom line.

It does not matter if you are a one man show or employ many individuals. It certainly does not matter if you are an engineer, carpenter, sales rep or the local mowing business, as you will all be welcomed into these organizations.

Remember This

That the death of big business is approaching as we walk towards the next decade, which means that there is now more and more opportunities for Small Business to capitalize on the mistakes of the past, become interested in your customers, provide that personal service and you will win.

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