When you’re the CEO, accountant, marketer, product developer, writer and everything else of your business, it’s often difficult to recognize a mistake until it’s too late and the damage is already done.
You’re so stressed out and exhausted trying to get everything done you don’t slow down long enough to stand back and take a look. This means you could be making some crucial mistakes that cause your hard-earned money to go right down the drain:
1) Emotional Decision Making
This is a common mistake with new businesses because work is exhausting. When you combine exhaustion and stress with making a decision, disaster may follow. You’re more likely to give in and purchase an advertising campaign that doesn’t fit your business.
Your judgment is hindered so you won’t be able to make an accurate decision for the good of the business. It’ll more likely be made to get the process over with or because the sales representative tells you what the best deal is (which usually ends up being the most expensive).
Decision making should involve facts, coincide with the vision of your business and absolutely follow your gut instinct.
2) Doing Taxes One Time Per Year
Taxes are generally due annually, or in some cases quarterly. New business owners sometimes procrastinate this task until the last minute. In reality, the wisest strategy is to research tax strategies before you implement any sales campaign.
You’ll also save yourself a lot of stress and worry by tracking your taxes within your monthly profit and loss statements. This way, you’ll know exactly how much you’ll be paying for every single dollar you make.
3) Managing Time Instead of Yourself
Time management encompasses implementing tools that enhance efficiency and productivity. Instead of placing demands on yourself or your team to simply ‘do things faster,’ consider incorporating processes, techniques and methods that improve performance and productivity.
This is the difference between managing time and managing yourself. Prioritize, schedule and delegate so that you spend your time and energy on your strengths. This way, your business will be as productive as possible.
4) Lack of Professional Help
It’s so scary to spend money on something or someone when your bottom line is very tight. Even if your startup is new, there are some matters that are better left to the professionals.
5) Ignoring Red Flags
Intuition often separates a successful entrepreneur from a striving one. CEOs make the majority of their decisions based on ‘gut feelings.’ The reason this ‘gut instinct’ is so important in business is because there’s absolutely no proven method that’s 100% accurate for predicting human behavior.
Therefore, in business, you simply cannot rely solely on logic. In order to make up for this, most entrepreneurs rely on ‘gut instinct.’
6) Your Business Content
What many new business owners don’t realize is that quality content gains readers, establishes authority and sells your products and services.
The problem is that you’re so busy managing all of the other aspects of your business that content quality is the first thing that’s compromised.