The document discusses the top 4 mistakes businesses often make. These include poor record keeping, failure to seek outside help, poor financial management, and not being informed about all aspects of the business. It advises businesses to keep meticulous financial records, hire professionals like accountants to assist, be proactive about financial problems, and make an effort to understand all facets of the business. Learning from other's mistakes can help business owners avoid common pitfalls and achieve success.

1. The Top 4 Mistakes you should avoid entrepreneur Articles
by Harish Amilineni
In business, mistakes are made, but there are a few common pitfalls that you can avoid
by doing your homework. Just like those days back in 3rd grade when you were learning
cursive, you need to keep your head up and move past mistakes. You can start over or
you can move forward, doing things in the correct manner. The most important thing is
that you learn from these errors and use them as tools that you’ve gained along the way.
These experiences will help you continue to build a solid path to your future success in
business.
The following is a list of the most common mistakes that businesses make. This
knowledge will allow you to not go down the same road as others before you.
Poor record keeping
Records are not just obsolete forms of music media; they are an important method for
you to keep track of your company’s results and funds. Keep meticulous records for
yourself, your lender, and your favorite friend, the IRS. They should be clear and
organized, not a mishmash of scattered documentation, or something you feel compelled
to do on a sporadic basis. Be up to date with your financial statements and you will
greatly benefit from these efforts. If you intend to keep good financial records, the only
way to do it is to develop good recordkeeping habits from the very beginning. In all
likelihood, if you start off with bad habits, you’ll never get back on track. If the mere
thought of numbers makes you cringe, the answer is simple; seek a third party to assist
you in your needs.
Failure to seek outside help.
HARISH AMILINENI

2. Many businesses are reluctant to hire third party help. But, nearly every small business
owner will need the assistance of an accountant, attorney, banker, and insurance agent at
one time or another. Some also hire consultants to help with their strategic planning and
sales and marketing. In fact, if you decide that you do need the help of a professional,
finding a good one should be one of the very first steps you take to start your new
business. Some of the first steps you’ll be taking – deciding on the form of your business,
for example – will be easier if you already have professionals lined up. Once your
company’s needs have been assessed, the next step is to locate a professional. A good
place to start your search is in your own home. If you have an accountant, lawyer,
insurance agent, or other professional who handles your personal matters, chances are
they will be happy to handle your business matters, or at least provide a reference to
someone who will. If you don’t have a professional who handles your personal matters,
seek referrals from friends and relatives.
Poor financial management
Every business needs money on a daily basis just to keep it functioning properly, and
yours is no exception. Make sure you are aware of the needs of your company, but be
cautious not to over inflate the number needed, or conversely try to operate on something
less than a shoestring budget. Gather data from your hard assets list, your budget, gross
profits, fixed and variable expenses, and interest expenses associated with your loans.
The more bases you cover in terms of gathering a comprehensive list of expenses, the
better picture you will have of what your actual expenses are.
Don’t let a down cycle become a free fall into financial disaster, take charge and be
proactive. At the first sign of a problem, it is best to consult with a financial advisor or
accountant. They will be the key player on your team, one who will help you determine
the root of the problem. Finding the source of the problem is the first and vitally
important step in addressing and fixing the problem. Often, common “fixes” involve
obtaining a loan or finding another method of raising capital. The last thing you want to

3. do is hope that things will just work out. Problems don’t disappear when you bury your
head in the sand; they only grow and eventually bury you completely. Finally, don’t
make the mistake of keeping your investor/lender in the dark about the situation.
Withholding such information will only create another problem and place your integrity
in jeopardy.
Not informed about the business
Being informed in all areas of your company will keep you ahead in life, in business, and
in your employee’s esteem. Don’t be completely dependent on an accountant or business
advisor to handle all the financial aspects of the business. Pushing aside all those
financial matters, not paying attention to the details, and relying completely on another
party is a recipe for disaster. The most successful companies are those whose leaders
know what is going on with all facets of their business. Get into the habit of asking
questions and making the effort to understand the financial aspects of your business.
Making mistakes is a part of life, one we can benefit from if we learn from those
mistakes. However, learning from someone else’s mistakes can be an even better option.
Take the advice outlined above and utilize the experience of those who have gone before
you. Never make the assumption that you are automatically exempt from certain
situations or think that it could never happen to you. That is the thought process of a fool,
not the strategic thinking of a successful leader.
Aaron Dyer is President of Dyer Consulting Group, a firm that works with start-ups and
small businesses who want to increase the value of their company. He helps them focus
on ways to grow their business through better strategic planning and financial
management, which have led to higher revenues and greater profitability for his clients.
Aaron brings over 12 years of proven financial, business development, strategic planning,
sales and marketing, and management expertise to his clients. His passion for helping
companies improve their operations and create value compelled him to found Dyer
Consulting Group.