Tag Archives: Top 10 Mistakes

Business Owner’s Mistake 5: Spending Money on Expenses Just Like Everyone Else

Posted on 04. Aug, 2007 by Elizabeth Potts Weinstein.

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This mistake is related to mistake number four, but in a bigger sense — spending money on expenses just because everyone else in your industry is running their business in that way.
For example, renting out office space because everyone in your industry has an office.  You don’t necessarily need to have an office space.  There [...]

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Business Owner’s Mistake #4: Spending Money on Promotions Like Everyone Else

Posted on 26. Jul, 2007 by Elizabeth Potts Weinstein.

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When people are spending money on marketing, on advertising, because everybody else in their industry spends the same money the same way, they are probably making an expensive mistake. 
Everybody has a Yellow Pages ad.  Everybody has an ad in the newspaper.  Everybody else sends out mailings in the same way.  And so because you [...]

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Business Owner Mistake #3: Not Having an Exit Plan

Posted on 19. Jul, 2007 by Elizabeth Potts Weinstein.

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I see this a lot with my self-employed clients who really love what they do.  I’m the same way.  I don’t plan to retire from this five years from now.  I’m not doing this until I go public or sell the business.  I’m doing this because I enjoy it and want to help people and [...]

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Business Owner Mistake #2: Not Planning for the Unexpected

Posted on 12. Jul, 2007 by Elizabeth Potts Weinstein.

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As small business owners most of us have issues with cash flow, because we either have seasons where certain times of the year we do a lot more business than other times, or it just seems that on a monthly basis our income may fluctuate.  This is of course unlike an employee, who theoretically is [...]

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Business Owner Mistake #1: Starting In The Wrong Place

Posted on 03. Jul, 2007 by Elizabeth Potts Weinstein.

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Many times when business owners are looking at their business finances, or even their personal finances, they start with creating reports from Quick Books and looking at their profit and loss statements, looking at their cash flow, creating more statements, doing spreadsheets in Excel or Quicken.  That’s not the right place to start to make [...]

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