9 Bad Habits of Business Owners
Bad habits in business don’t just slow you down, they quietly sabotage your success. Change the habit, change the outcome.
Are you one of those owners that tend to have some bad habits when it comes to your business? At first it’s because we didn’t know better but as time goes on we need to learn from the mistakes we make. Take the advice of those that are willing to help and guide you in a better direction. Here are some bad habits of business owners that ultimately are holding you back:
1. Mixing finances – your personal finances have nothing to do with your business so why are they in the same account! You NEED separate accounts.
2. Not breaking out income – are you generating revenue from more than one stream? If you don’t break them out how will you know which one is more profitable?
3. Not tracking who owes you money – if you don’t keep track of who owes you money or how long they have owed it to you then who do you reach out to when there’s missing income?
4. Not having a budget – without a budget how will you know if you can afford those unexpected expenses or have enough money for the items you need to run your business. A budget also helps you stay out of debt or get out of debt.
5. Missing out on tax savings because you don’t know them or understand them – you are leaving money on the table every time you miss out on a deduction. A deduction that you are allowed to take as a business owner to keep money in your pocket.
6. Misusing credit – this goes along with having a budget. When you have the proper funds and are watching your finances you are less likely to abuse the use of credit card debit. Don’t put it on a card unless you plan on paying it off every month and earn rewards!
7. Not saving for taxes – lets face it you will have to pay some taxes regardless of those deductions. Plan for it! Put money aside every time you bring in revenue so you are prepared.
8. Spending money as soon as it comes in – just because there is money in your account doesn’t mean you have the money to spend. Have you looked at your budget, do you have the money to spend or is that ear marked for something else?
9. Waiting to start record keeping at the END of the year – your tax preparer does NOT want your box of receipts or paperwork! Searching for receipts, statements or any other documents needed in order to file your taxes is not a good use of your time. Figuring out what you did in January or April at the end of the year is no way to prepare for taxes.
It’s time to stop running your business this way and start taking control! Get organized, put procedures in place, create a system to set yourself up for success. We are here and ready to help you get back on track and start the year off right….
