Small Business Mistakes 101
Small businesses often make the mistake of using internal staff to fulfill all of the business needs. This means that one person can be responsible for balancing the budget, writing the company brochure, and answering the phones among other things.
Many small business owners believe that this approach is saving them both time and money. Time because the person solving their immediate problem is close at hand; and money, because they have already invested in this same person’s time whether through an hourly or salary commitment to pay them. Unfortunately, for many small business owners, what they don’t realize is the long-term costs of this strategy.
Many businesses lose out on potential clients, tax deductions and a myriad of other benefits that hiring a professional can bring to a table. Few people would go into a courtroom without the guidance of a lawyer. Running a business should be thought of in the same way. When marketing is the goal, hire a marketing professional to make the most of your time and marketing budget. When it’s time for taxes, find a qualified CPA. And should you ever end up in court, make sure you have the best lawyer in town.
Reference: Entrepreneur Magazine
Reference: Small Business Administration
This entry was contributed by Amy Leigh.
May 1st, 2007 at 9:59 am
This is a great topic, and great information for small business owners. I don’t think most peple would think of employing a consultant, however, as a result of your research, I can truly see the benefit. Good job.
May 18th, 2007 at 10:01 am
This one certainly hit close to home. All too often I’ve heard my sister complain about the way she wasted time at work because her boss wants her to complete a task that she’s simply not qualified for. Then there is myself, as a freelance writer, just waiting for businesses to wake up and realize I could write the copy they’re not really equipped to write in a lot less time!