Ten Pitfalls to Avoid for Small Businesses

Ten pitfalls to avoid for businesses

Running a successful small business isn’t easy. From long hours and sweat equity in the beginning, to the day-to-day operations, owning and running a small business is hard work. However, business owners may be tempted to take shortcuts in order to have an easier time of it. Here are some pitfalls to avoid when operating a small business.

Take payroll taxes seriously

No matter how you feel about having to pay payroll taxes, you and your business can suffer if you do not keep up with what you owe the IRS. Aside from being assessed enormous payroll tax penalties, business owners can face the government closing down their operations and even face jail time.

Stay on task

Owning a business lends itself to having a flexible schedule. But small business owners should avoid making an 11 a.m. round of golf a regular habit. If it means holding yourself to a 9-to-5 work schedule, make it happen.

Don’t be a workaholic

On the flip side, working yourself to death isn’t beneficial for a small business owner, either. Burning the midnight oil to make a few extra bucks may seem like going the extra mile, but it can lead to several downfalls, including burnout and losing relationships.

Learn to delegate

If you’ve grown your small business enough to hire employees, allow them to take over the operations you’ve hired them for. This company may be your baby, but allow others to help nurture and grow the business as well.

Find stress relief

There’s no getting around the fact that running a small business is stressful. Finding an outlet to relieve stress will help you become a more productive business owner. Whether it’s exercise, music, a trip to the spa, a weekend golf game, or watching sports, find a way to let go and relax.

Sweat some of the details

Small businesses must keep meticulous records in order to run efficiently. Payroll, accounts receivable, and even business meeting should be organized. This will prevent many hassles and avoid down time in searching for lost records.

Avoid procrastination

Especially in one-person operations, avoid putting off until tomorrow what you can take care of today. This type of laziness can be a nail in the coffin of small businesses.

Don’t be a victim of advertising

There are thousands of people who want you to use their sure-fired, can’t miss technique for owning a successful business. If they all worked, no company would ever fail. If a product or service sounds too good to be true, it probably is.

Keep in touch with your clients

Just because your business has taken off doesn’t mean you don’t have to worry about your customers. If your clients feel ignored or disrespected, they won’t be your customers for long.

Be yourself

People can spot a phony. Your customers, new and old, will appreciate it if you’re the same person they met when you were a struggling new business as you are when you’ve made your first million.

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