For small business owners, the margins for success can be tiny. That is why it is particularly important for them to avoid any catastrophic mistakes. Luckily, you can help your small business run more successfully by reading about the type of thing to steer well clear of, below.
Not being insured
Note being insured can get you into some serious trouble when you own a small business. This is because you will not be covered if someone is injured on your property, or if another company or client lose money because of the advice or action you took.
Therefore, it’s worthwhile spending some investigating what different types of insurance are best for you business. It’s one of those things that its always better to have and not need that the other way around!
Getting your tax wrong
Large or small, your business will need to register and pay tax, yet some small business owners still think they can get away with incomplete returns and missing the deadline. Do yourself a favour and don’t be that guy. Instead be sure to keep a running total of your incomings and outgoings, so when it does come to tax return time, you can fill your return in quickly and with the least amount of hassle possible.
Of course, not all tax is straightforward, and if you do encounter a problem such as being asked to attend a Tax Tribunal, it can seem like a major disaster. Luckily, there are specialists out there that can help you with the sort of issue. In fact, on some occasions, they can solve the problem before it even gets to the tribunal stage. Something that can help your company avoid catastrophe before it even begun.
Not marketing your brand
Too often smaller business don’t understand the value of marketing their brand. Which is actually a bit daft if you think about it because people can’t buy what you have for sale if they don’t know about it.
To that end, it’s worth investing some time and money in ensuring that you have an active online presence that not only generates leads for your business but engages you, customers and potential client, as well.
Happily, this isn’t such a tall order as there are a wealth of resources on the internet that can help you with this. Look for information on creating sales funnels, engaging content, optimising your website, and using social media for promotion, in particular.
Choosing the wrong tech
Lastly, a major mistake that many small businesses make is that they choose to use the wrong tech. What this means is that they pick brands that are unreliable, value style over substance, or that aren’t even compatible with other essential parts of their businesses.
Of course, this will not only lead to frustration and issues with motivation but can slow your workflow and productivity down as well. To the end, it’s worth doing your homework and thinking long and hard about the type of tech you purchase for your small business, if you want to avoid a catastrophe that could affect your bottom line that is.