The Top Mistakes Small Businesses Are Making

You don't like to think of your business making mistakes, but here we are. The mistakes are coming in thick and fast, and you feel like you're doomed to repeat them over and over again. But life doesn't have to be this way (cue Friends intro music). Most of the time, the mistakes that derail your efforts are easy to change if you know where to look. But first, you need to find them.

Let's take a look at some of the most common mistakes business owners make and how you can eliminate them for good.

Mixing Personal and Pleasure

If your business and personal finances are intertwined, you're headed for a whole world of trouble. This is a big no-no and can land you in financial trouble faster than you can say bankruptcy. Paying for business fuel with your personal card or grabbing dinner on the way home with petty cash isn't going to look good on the books, and things will just get really messy. And with all the will in the world, you probably won't remember a month down the line what a personal expense and what a business expense was.

Start by having separate accounts for your business income and your personal income, and do not mix and match payments; you will be glad for this come the end of the year.

Incorrect Or Sloppy Invoicing

Getting your invoices wrong means you're not getting them paid correctly or quickly enough. And this is what hurts you where you feel it the most. Let's say you're a landscaper and you finish the job and quickly scribble your invoice on the back of a piece of paper you have in your van. The client puts it in a pile and forgets it because it is not a formal-looking invoice. And then you don't get paid, cash flow stalls, and you need to spend time chasing it up.

This system doesn't work for you or anyone at all, and is a huge mistake. You need reliable invoicing software that helps you send out invoices on time and get you paid on time, and not be overlooked. It’s not about reinventing the wheel here, just making sure your wheel is turning.

Doing It All Yourself

Being your own boss doesn't mean you need to do everything yourself, even if you don't have employees. There are tools and resources you can rely on to help you meet and maintain standards without running yourself into the ground. And while it's tempting to think you can save a bit of money doing it yourself, it's likely you won't in the long run.

Stretching yourself too thin will have disastrous consequences. So it's time to loosen the reins and allow help to come in and take over. It could be via outsourcing to another company so they can take over certain aspects of the business for you, or it can be using software to automate tasks so you can stay on top of things. But it's about finding what works for you, so you can work faster, better, and easier.