3 Silly Mistakes That Can Set Your Business Back

Contributed Post

It’s the aim of every business owner to ensure their company keeps moving in the right direction. But, there are so many silly mistakes that can easily cause setbacks. Today, I’ve listed three of the most common silly mistakes and tips on how to avoid them:

(Source: https://flic.kr/p/mst4eR)

Failing Health & Safety Checks

If you have business premises that are outside of your personal home address, then they need to pass health & safety checks. If they don’t, then your company can seriously get held back. Authorities come around and check offices and other business premises to ensure they’re in the right shape. You must provide safe working conditions for you and your employees. Even if there have been no accidents, you can get penalized if the conditions are deemed unsafe. So, it’s important you check the necessary health & safety documents to find out what your business has to do to be deemed safe. Make sure you pass all the checks, and your company won’t get set back. It’s such a common issue for some businesses to forget about, particularly if you’ve just moved to new premises.

Not Setting Up The Right Financial Accounts

When you start a business, you need to have the right financial accounts set up to make your money. A lot of small business owners may use their own personal accounts if they accept cash payments. They take all the cash they earn and then deposit it into their account. However, if you want to accept multiple payments, like debit and credit cards, then you need to set up the right account. You need a merchant account to process all these payments and get the money to your business. If you don’t have this account set up then, you’ll set your business back. It means you can only accept cash payments which put you behind any rivals that can accept loads of different payments. It restricts how your customers can pay for things which might make them annoyed and angry too. It’s so easy to setup one of these accounts, and the benefits can help you banish all the negatives and bring your business forwards.

(Credit: http://bit.ly/2h9OSBG)

Breaking Laws By Accident

Every business owner knows that breaking the law will result in bad things. Consequently, you should strive to stay on top of business laws and make sure none get broken. However, there are times when you might break one by accident. For example, there are plenty of employment laws that are easy to break if you don’t know about them. There are also lots of tax laws that can be broken if you don’t understand the nuances of paying tax. Break any laws by accident and your business will suffer setbacks. You can be financially penalized and have to rebuild your business. To avoid breaking laws, you should seek legal guidance on issues that confuse you. Make sure you know all the laws and how to abide by them.

Avoid setbacks by ensuring you stay on top of all three of these points. Don’t allow yourself to make these mistakes and your business will keep on rolling in the right direction.