Your Business Matters AlexanderAbramson.com • (407) 649-7777 June 2019
Common Small Business Pitfalls
A Look at What Could Go Wrong Before It Actually Does
While celebrating National Small Business Week last month, we were reminded of just how strong our core group of small business owners is. The business world is treacherous. A single wrong move can cause your business to take a serious hit. Yet, in most cases, the death of a business is more likely to occur because of many small mistakes rather than one catastrophic one. Here at Alexander Abramson PLLC, we know that growing businesses are doing something right. That’s why we make it our goal to help clients get to the next level by recognizing pitfalls and avoiding them. The true marks of a successful business owner are proactivity and innovation. Unfortunately, these practices are often ignored and come back to haunt our clients. With that in mind, let’s take a look at some of the most common mistakes that owners of growing businesses make. Business owners often feel the need to do everything themselves. It's a tricky habit to curb. While you were building your business, you probably got used to not having a large group of trusted employees to rely on. However, if you want to continue seeing growth, that will have to change. You should take pride in knowing you grew your business to this point without a large employee pool, but you’ll need to Going It Alone
invest serious capital into labor if you want to see your business continue to expand. As an added bonus, an increase in staff can give you more time to focus on aspects of your business that truly need you. Your team will cover the rest. Don’t worry, your talents will not go to waste. You can still be a jack-of-all-trades while overseeing your newfound group of dedicated employees. Chances are, you probably utilized financing when starting your business, but after you experienced success, you might have stopped trying to further your business through financing. That doesn’t need to be the case. While it’s a good idea to invest your business’ capital back into the business — to an extent — smartly turning to outside sources can allow for maximum growth. It is always best to stay up-to-date on your business’ cash flow and track your financial forecasts so you can predict the best time to pour money into your company. This way, you’ll be better prepared to seek out the best options — whether it’s a properly structured loan or a call to investors. In fact, it may be the best choice for the future of your company. Another perk of being proactive, applying for financing while your business is still in good standing will boost the odds of your approval. The bottom line is that Ignoring The Benefits of Financing
you shouldn’t be afraid to take a little risk when you know you’re going to be doing fine for the foreseeable future. Even so, it’s always good to seek out professional advice before you make any serious choices. No two businesses are run exactly the same — and for good reason. But every business could benefit and improve from knowing both what has and hasn’t worked for countless other companies. That’s what we want for you here at Alexander Abramson PLLC, and that’s what we aim to help with. To find out more about what we can do for your growing business, give us a call at (407) 649-7777 or visit our website at AlexanderAbramson.com.
Let’s look at today, for a better tomorrow.
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