Top 5 Business Mistakes every Business should Avoid@businessdtvBusiness Day TV – About Me ProfileBusiness day TV – Official Website
IntroductionIt is true that for most people in business, learning new methods of doing businessis not easy. This is as a result of a long time taken in learning the business modes ofoperation that they have been using and have become used to. The new businesspeople can be happy that they can start right from the start with new practices thatare not clouded by old ineffective practices that may need to be changed later.However one thing to make sure as an entrepreneur you never loses sight of is thecapacity to learn new and beneficial lessons for the business you run. It is importantto accept change and to learn newer and more efficient ways of running the businessthat will help you to enhance efficiency in all departments of the business.
IntroductionThis means you should ensure some common mistakes that are committed inbusinesses should be avoided at all times and as such below are 5 mistakes thatyou should learn to eliminate if your business is to reward you as you expect it to.
1st MistakeFirst is the tendency to forget collecting your fees or collections from clients andcustomers. It can be old debts that become overdue or it can be just the money youshould collect over the counter or from a customer in a restaurant. Whatever the casemay be, you must ensure that the money is collected despite the unpleasantness thatmost people have with the task especially of collecting old debts. For the business tosurvive, you must collect what is owed top the business always.
2nd MistakeThe second mistake is the business owners failing to include their compensationfor the effort and time they put into the business in their calculations. Every businessshould be able to make enough to make the proprietor leave off his or her hard workwhile at the same time leaving enough money to make investments in the future forthe business.
3rd MistakeThirdly the business owner must ensure that the tax obligations are met whetherthe business makes profits or does not. The business must comply with the set downtax expectations to avoid problems with the authorities concerned. It is the duty ofevery business owner to pay their tax and on time too whatever type of business it isand whatever size it may be.
4th MistakeFourth mistake to avoid is the common case of making inappropriate purchasesfor your inventory. This can be having too much or too little in your inventory.This is because having too much in your inventory costs too much money whilehaving too little will occasion loses to your business. Carefully consider yourpurchases depending on your clientele and customer base to avoid this pitfall.
5th MistakeThe fifth mistake is operating your business without preparing a cash flow budget.Without cash no business can pay staff or other necessary services and suppliers.So always ensure to keep good track of the businesses cash flow. This can be doneby keeping monthly statements of cash flow that will help you plan.
Thank You! Presentation by:Chris Mark is a Business blogger who usually write about different businessrelated topics. He also writes for Business Day TV show. Get Business Day TV About.me Page.