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10 Most Costly Mistakes for Small Business Owners

Running a business is tough. When you put out your shingle that says open for business you take on at least 12 jobs at once including CEO, CFO, Social media manager and Secretary, any of which could cause you to go out of business quickly if you make a significant mistake. Below are a few of the costliest mistakes I’ve seen repeatedly in my nearly two decades of running a professional service business. Hopefully, reviewing them will reduce your chances of making these kinds of errors. Carefully read the 10 most costly mistakes for small business owners, it will help you stay on the right path. Poor Cash Flow Management Cash really is KING. The most common mistake in business in not staying on top of cash flow. If you do not carefully manage your cash, you could soon be out of business, even if business is booming. Make sure that payment schedules are clear and agreed upon, and enforce them, a slipping payment schedule is a sign of a breakdown of some kind – even if it’s only a mail delivery problem. You need to track your accounts receivable turnover ratio, or how fast money is received once an invoice is issued to a customer. You also need to accept digital payments in all forms. Push for EFT or Electronic Funds Transfer and Wire payments. Offer discounts for early payments such as 2% for Net 10 payments. Never offer discounts for Net 30 payments, that is a business standard. When possible demand at least a one-third deposit. Start your collections process on Day 31 when payment has not been received, and don’t hesitate to make a call to track down your funds. Poor Project Management There’s external and internal project management. External is about the client management and internal management is about how you need to mange and communicate with your team. You must clarify exactly what is expected, when it will be delivered to clients. It will serve you well to go out of your way to clarify in writing a project plan after the contract is signed.…

SmallBizLady’s Summer Reading List 2018

As you know by now, summertime is when I catch up on my business book reading. Every year, I take a look at all the books I’ve been sent in the last six months to see what’s worth a good read. There are some gems that have been released this year in entrepreneurship, marketing, and productivity, and these picks are already making me itch to grab a cold glass of lemonade and curl up on my favorite beach to read them. Check out my Summer reading list for 2018. 1. Off The Clock: Feel Less Busy While Getting More Done by Laura Vanderkam If you feel a lot of busyness even when you’re not working on your business, this book is for you. Laura Vanderkam, a time-management expert, gives you seven counterintuitive principles you need to adhere to in order to feel like you have all the time in the world, as well as attitudes to help you remain calm even when you feel overwhelmed. 2. Boss Bride: The Powerful Woman’s Playbook for Love and Success by Charreah K. Jackson Just a few decades ago, women had to choose between having a serious relationship and their careers or a business. Now you can have both and excel. An international love and success coach, as well as Senior Editor at Essence Magazine, Charreah Jackson shares tips and strategies on how to be a powerful woman who refuses to sacrifice either her career or her love life, this book will help you have it all. 3. Attention Pays: How to Drive Profitability, Productivity and Accountability by Neen James Do you ever feel like you’re capable of more than you’re actually achieving? It might simply be a matter of knowing what to put your attention on. In this book, author Neen James helps you cut through the noise to put your focus on the right things to increase profitability, get better results, and improve your attention on the right things.   4. The Parker Principles: 10 Leadership Force Multipliers by Mel Parker Mel Parker knows a thing or two about leadership. Once an…

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