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10 big things small business get wrong

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  • 10 big things small business get wrong

    10 big things small business get wrong - Is your business guilty of any of these?

    1 Not enough planning

    2 Inadequate start-up capital

    3 Confusing profit in the profit and loss statement with cash in the bank

    4 Neglecting statutory obligations

    5 Poor cash-flow management

    6 Bad systems documentation

    7 Going after the wrong sale

    8 Poor debtor management

    9 Not controlling the cost of finance

    10 Overstocking

    Now this is from an australian paper so it may differ just a bit from the U.S.

    One of the things I thought that stood out which isn't talked about enough is #7.

    7 Going after the wrong sale

    Hartcher points out that a lot of businesses will chase any sale, but it's more important to know what sales to chase.

    "Sometimes, getting a sale can be bad for your business. You might discount too much or it might cost too much time to get the sale," she says.

    She advises that a good understanding of your margins - what you need to make a profit - helps a business target the right sales. "Never rely too heavily on one customer," she adds.

    How true is this? Have you ever found yourself confroting these issues?
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