The 8 biggest mistakes made by small business
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Too many small business owners start losing track of the true picture of performance once the size and complexity of the business increases. Are you making one of these 8 critical mistakes?
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A framework is simply a structure that organizes your thoughts and analysis in a logical manner. You start with an objective and develop the issues in a non-committed manner, until you have a complete issue tree that completely and concisely solves the objective that you laid out.
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The 8 biggest mistakes made by small business
- 1. The 8 BIGGEST MISTAKES made by small business owners – areYOU making any RIGHT NOW? The 8 BIGGEST MISTAKES made by small business owners
- 2. Incorrect profit figures If your profits vary significantly from one month to the next and you are not clear why, you have little clarity on how you are actually performing MISTAKE #
- 3. Poorly structured general ledgers If your accounts are not structured correctly you will have little chance of preparing meaningful reports MISTAKE #
- 4. Poorly constructed financial reports Reports need to reflect the operational characteristics of the business – if they do not, you will have difficulty understanding the drivers of performance MISTAKE #
- 5. Undefined benchmarks You must have clear targets to measure your performance against – this can be previous year performance or properly- constructed forecasts MISTAKE #
- 6. Not knowing the profitability of the different parts of the business If you have multiple business lines, sell into multiple markets, and/or sell through different channels, you must know how each individual segment is performing MISTAKE #
- 7. Not understanding cost behaviours “If you can’t measure it, you can’t manage it” – it’s a well-known saying but few business owners know what to measure and how MISTAKE #
- 8. Running out of cash Managing working capital is very important but it will NOT save a business that is making insufficient profit MISTAKE #
- 9. Making commitments that cannot be supported Many businesses have good growth opportunities but managing growth can be highly risky without a clear financial and operating plan MISTAKE #
- 10. The CFO is key to having the financial controls, systems, policies, and resources needed to ensure compliance, profitability, and growth. Time-share a dedicated CFO with ceefo from only $550 per month.
- 11. P: 1300 854 524 W: www.ceefo.com.au/ E: info@ceefo.com.au