5 Most Common Business Mistakes!

By Mel Robbins

The 5 Most Common Mistakes

1. Starting a business when under-capitalized.

2. Ignoring gut or warning signs when things start turning bad - (not asking for advice/help).

3. Failing to formalize employee/partner relationships upfront.

4. Failing to grow your network so that you have resources and people to turn to in times of trouble.

5. Cutting corners on book-keeping, legal, the foundations of your busines.

Biggest Financial Mistakes

1. Not paying yourself first.

2. Future spending based on speculation (spending now as if you have already hit your revenue goals).

3. Not keeping overhead low.

4. Spending too much time on things that don't make money.

5. Not charging enough for services.

6. Not allocating enough money to marketing/customer service.

7. Neglecting to set aside money for taxes.

8. Doing nothing when your company is in financial doubt.

9. Drowning self in credit card debt.

10. Starting a business undercapitalized.

11. Not having their spouses by-in which then leads to financial pressure at home.

12. Being niave or too optimistic about sales/revenue and not planning for a long enough ramp up.