Massive Mistakes Small Business Owner Makes
I am going to talk about genuine mistakes people actually make when trying to grow their business. Some of them have the capability of shutting down your business.
Concentrate on core tasks within your business. People spend too much time going over topics that have already been discussed again and again. You need think about retaining customers rather than going over the same agenda again and again.
Relying too much on a single client.
If more than 40% of your business income is coming in from a single source then you are asking for serious trouble. It is really easy to take advantage and enjoy the easy pickings when it comes down to clients / existing customers but if they come knocking about how they want to shut down or re-brand or anything else with significance where they can just drop you then you can be left in big trouble.
It is a common fact that many business owners fail to keep record of the money because they dont send there bills. You need to keep them in order and risk everything in the end.
Understand that you’re not simply delaying payment when you neglect to bill in a timely manner and when you don’t aggressively and quickly go after non-payers. You’re actually jeopardizing your income, because the longer the time goes before someone is asked to pay for a service or product they received, the less likely you are to get that money at all. According to the American Collectors Association, once four months have gone by, you’re only about 80 percent likely to get paid. After six months, only 67 percent of collections ever get cleared. Send those bills out on time!