7 Important Things Business Owners Should Avoid
Running a business is a complex undertaking. So, unsurprisingly things get forgotten. It is especially difficult for small business owners to keep track of everything that needs to be done.
Often, it is the relatively little things that catch them out. Sometimes forgetting to get them taken care of can have surprisingly serious consequences for a company. Below, are a few examples of this.
Not keeping signage up to date
Firms like mydoorsign.com have made it really easy for all kinds of companies to keep their signage up to date. They, and other retailers, sell all of the signs needed to run virtually any type of business.
All you have to do is to remember to audit your signage regularly and update it as necessary. Not doing so will ensure you avoid falling foul of things like health and safety regulations. It would be awful if a missing safety sign were to lead to an accident. Should that happen, the consequences for your company could be very serious indeed.
Not filing your taxes on time
Every year, tens of thousands of business owners fail to file their taxes on time. This results in fines, which really eats into the amount of profit you make.
Keep your accounts up to date
Often, these deadlines get missed, not because the business owner has forgotten about them. Usually, it is because their accounts are not up to date. Once they have fallen behind, it is very hard for a small business owner to catch up with admin tasks like this. But, not keeping your accounts up to date can have very serious ramifications.
For example, not having your accounts up to date makes it impossible to spot cash flow issues before they happen. If you could see the situation coming you could take out a loan or ask suppliers for credit to enable yourself to carry on producing. This is far better than suddenly not being able to pay your bills.
If you are not already doing so, it is a good idea to use an accounting app. Once you have found one that you like, get into the habit of pulling your phone out of your pocket each time you send or receive money.
Doing this will ensure that your accounts are 100% up to date, at all times. Here are the details of some excellent business accounting apps that you may want to consider using.
Not chasing up payment soon enough
Try to choose an app that enables you to issue invoices. That way each time you complete a job or receive confirmation that an order has been delivered you can send out the invoice. But, make sure that the system also notifies you of when payment is late.
Put aside a few minutes each day, or an hour each week, to chase up late payers. Getting paid is crucial if you do not want to experience cash flow issues, which as we discussed above can cause a perfectly good business to fail.
If you want to find out more about how to manage your cash flow, you can do so by clicking here.
Confidentiality issues
Even as a small business the amount of personal data that you encounter is staggering. From customer details and accounts to the personal information of your employees, as a small business, it’s your responsibility to keep all this information safe and secure. These kinds of measures are easy to overlook, but it’s your duty to keep all your business information as secure as possible. Consider strong passwords for all computers and networks, only permit limited access to certain files, make sure that all important documents are shredded and disposed of appropriately when no longer in use and make sure your staff is kept up to date with the latest in GDPR practices.
Not taking security seriously
When you finally own your own business premises and you fill it with staff, equipment, furniture, stock and you invest time and money into every detail you need to protect it. Many small business owners forget that a new office, shop or restaurant is the perfect target for thieves and even employees hoping to take advantage. Speak with a security professional about installing deadbolts on your doors or grilles on your windows. Consider CCTV installations, a state of the art entry system, fixing the equipment to walls and the floor and partaking in regular stock and cash checks to ensure that everything is accounted for.
Not vetting staff properly
It’s tempting to fill in those vacant positions as quickly as possible and if someone has the relevant experience then it can seem like a no-brainer. However, new business owners should always vet any potential employees thoroughly before offering employment. Obtain references, check social media accounts and check their qualifications!
