- Trying to Do It All
The greatest mistake entrepreneurs make is believe they can do it all by themselves. Just like any other person, an entrepreneur has one or two natural talents, it is your job to identify those talents and surround yourself with people who are strong where your talents are the weakest. Great companies are built on one strength at a time not trying to be masters of everything.
- Many Businesses Don’t Know Their Numbers
Pretending that bookkeeping doesn’t exist and “doing the books” once a year.
- Ignorance of Accounting
Accounting and Finance is the language of business.
- Not Having a Budget That is Written and Monitored
The number one difference between excellent and average small businesses is the use of a budget. For many of us, the word “budget” seems so boring. Let me assure you that the small businesses that experience financial success and outperform in the top 5%, all use a budget.
- Missing Legitimate Tax Deductions
Most small businesses are missing out on legitimate tax breaks because they just don’t know. You need a bookkeeping system that is designed to capture every tax break possible.
I want you to avoid these mistakes so that you can earn more, pay less in taxes and have peace of mind knowing your books are in order.