Posts Tagged ‘Mistakes’
Avoid Rookie Mistakes
Far too often, new entrepreneurs make first year decisions that can put a major dent in the inaugural year of your new entrepreneurial venture. Even someone who has a lot of corporate experience cannot understand the firefight of being a business owner until you have to meet your first payroll.
Read More How to Know When You Need a Contract
Do you sometimes lie awake at night wondering what will happen if your biggest customer doesn’t pay you? How about if the vendor handling your website upgrade takes off with your thousand-dollar down payment? These scenarios would be a nightmare for any bootstrapping entrepreneur—and they happen all the time.
Read More Dumbing Things Down Versus Radical Simplification
Our worlds are too complex; we seem to keep piling things onto everything we’ve done in the past. Too often, however, in response to this complexity and all the “tools” that have been put in place to manage it, instead of seeking simplification we dumb things down.
Read More Why Your Business Blog Should Be a Group Effort
A certain amount of care must be invested into making the blog a success, or it will stagnate and eventually die off. Oftentimes the blogging effort becomes halfhearted, especially if the position responsible for blogging has a high turnover rate—for example, social media interns typically only stay on board for a semester at a time—or if the person in charge of blogging burns out.
Read More Incorrectly Pricing Your Product or Service
Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself.
Read More Protect Your Cash, Part 3
If you implement the policies that prevent the same person from handling all the cash and banking functions, plus review receivables, payables, and your financial statements regularly, you will have a better chance to catch anything questionable early on.
Read More Protect Your Cash, Part 2
In this second of three parts, here are more easy procedures to implement so that you protect your hard earned cash. The person who signs the checks is not the same person who balances the checkbook.
Read More Protect Your Cash, Part 1
There is no sense in doing the work if you’re not collecting the cash for the work you do. That, from a business standpoint, is one of the most important things to do. But once you get the cash in the door, you must make sure you protect that cash from employee theft and other mismanagement. There are some simple and very easy things that you should do to make sure that you protect your hard earned cash.
Read More Manage Your Bottlenecks!
The definition of a bottleneck in your business is one that constricts the flow of work from one area to another in the flow of product or service through your organization. A bottleneck in your organization’s flow can happen, shift, or disappear quickly.
Read More The Danger of Being Undercapitalized
It’s always exciting to think about the idea of having your own new start up. You hear about stories where entrepreneurs started with just $300 and a cardboard box and then turned their business into millions. In reality, having worked with many types of business owners, the first mistake made by most is simply not having enough capital or access to capital while growing your business.
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