On every flight, an attendant announces: “Please secure your own oxygen mask before helping others.”
The warning could apply to business owners. Are you endangering your business by neglecting critical issues?
- Keeping very little ready cash on hand. Positive cash flow is the lifeblood of a business; being too low on cash jeopardize a company’s future.
- Focusing on the top line and not the bottom line. Sales are exciting to talk about and focus on.
- Investing in a 401K (This is a sacred cow, but the money invested in a 401K takes vital dollars an owner could be using to grow the business. Be wise about when you start one.)
- Failing to invest in people.
- Diversifying prematurely. Focus and build your core business first. Diversify cautiously.
- Failure to focus on the right value equation (Product/Service + Strong Customer Relationships = Financial Capital.) When these factors are in balance your company can shine.
- Overpaying taxes. Yes, there are owners who do this.
- Believing that working harder will move your business ahead. (Consider spending fewer hours at work. Employees won’t operate to their highest level when the boss is always there to solve problems.)
Some of these mistakes are more fatal than others, but any can stunt growth and negatively impact your bottom line.
Prioritize. Your business won’t thrive if you lose sight of the essentials
The road is easier together,