No one said it would be easy. Avoiding business mistakes is impossible, and you are not alone in making them. Take a look at some of the most common business mistakes.

1. 10 Most Common Business Mistakes
Running a business is difficult, and no
matter the size of the company,
mistakes happen.
Here is a list of the 10 Most Common
Business Mistakes.

2. 1. Understanding Seasonality
CFOs need a strict annual budget to
keep them from having cash flow
management problems during slow
seasons.

3. 2. Poor Accounting
Accounting is the heartbeat to any
company. A company needs
positive revenues and up-to-date
accounting to thrive and grow.

4. 3. No Feedback
Customer feedback should be
very important.
No business is perfect, and
finding out the flaws from your
customers gives you the
opportunity to keep your client
base and grow it.

5. 4. Not Backing Up You Information
Losing all your information and data
can be a fatal blow to a business.
Make sure your IT department is
backing up all your information and
data on a daily basis.

6. 5. Out of Date Accounting Software
Line of Business Island
Financial Island
Operations Island
Many people do not realize that you can
outgrow your accounting software.
Once you have outgrown the software,
your accounting team will have
problems with double entries, a slow
system, no real-time reporting, and they
will spend more time trying to retrieve
our data than actually analyzing it.

7. 6. Not Knowing Your Competition
Technology is increasing in today’s
business world. Keep up with it. If
your competition is thriving and
expanding with technology, then
you need to find a way to compete
with them.
Always keep your technology up to
date and expand on it.

8. 7. Not Outsourcing
The largest companies today know
the value of outsourcing jobs or
projects.
Outsourcing can save time,
overhead costs, gives flexibility,
increases efficiency, and avoids a
certain level of risk.

9. 8. Strategic Partnerships
Never stop networking and
creating relationships. Some of
the most successful businesses
have strategic partnerships with
other companies. These
companies never stop looking
for more ways to make money.

10. 9. Evaluate Risk
Many top executives make decisions
thinking that it will be successful
and they will make money fast.
Unfortunately, this is not always the
case. When making a business
decision, understand all the risks
and hazards before making a key
decision.

11. 10. Planning
Benjamin Franklin once said, “If
you fail to plan, you plan to fail.”
A business owner never stops
planning the next step. It is good
to plan to grow organically,
getting a loan, doing a merger or
acquisition, etc. A business
owners job is never done.

12. About Spring2 Technologies
Spring2 is a national consulting group whose
headquarters are based in Salt Lake City,
Utah, & has offices across Southern
California. Spring2 serves clients all over
United States and internationally.
We provide a wide range of leading ERP
software and custom software development
to help companies turn problems into profits.
We improve business systems throughout the
organization - from the website to the
warehouse.