Top 5 Financial Mistakes Small Businesses Make
Wednesday, March 29, 2006
5. Failure to use your time wisely
80% of your top results come from 20% of your efforts/customers/actions.
4. Failure to keep overhead low
There are three ways to make more money in your business: Sell more, Raise your prices, Reduce your overhead. Businesses that underperform from a financial perspective often have allowed success to creep in and increase overhead;
3. Not dancing with the one that brought ya
You got to where you are in business by having a few or many customers who believed in you and liked what you do. But if you don't continue to nurture your best customers, you run the risk of failure.
2. Not charging enough.
Far too many small-business owners, especially owners of service businesses, set their prices some time in the distant past and then failed to raise them as necessary.
1. Not earmarking enough money to marketing and advertising
The only way new customers will hear about your business, by and large, is through marketing and advertising.
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Tags: financial mistakes, small business, 80 20 rule, overhead, marketing, advertising
posted at 4:28 PM
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