7 Mistakes to Avoid

 

Not seeking professional expertise

To save money, small business owners often avoid seeking professional advice. I was recently approached by a new client who wanted to sell a retail building to another business entity he owned. He didn’t realize that he would have to pay taxes on the sale. By spending $100 consulting with me, he avoided paying $92,000 in taxes. CPAs, attorneys and other professionals can be pricey, but not getting their advice can be much more expensive.

 

 

No policies, procedures

Develop policies and procedures that employees, vendors and customers understand. Make sure that employees know and observe your company’s standard procedures. This makes for a more efficient and cost-effective operation.

 

Not investing in technology

Many small businesses don’t adequately invest in computers, software programs, telephones and other technology basics. The fact is, you can’t build a high-quality product or provide a high-quality service without the right tools. Technology can increase your efficiency and you make the right decisions quickly.

Businesses that become successful are invariably led by people who continue to learn. Study what you are doing and how you are doing it. Learn from other successful businesses and apply their methods to your own company.

It’s your business. Make the most of it.

 

Armando Roman
Armando Roman
Armando G. Roman CPA/PFS MBA has more than 25 years of experience providing clients with advice and counsel regarding financial matters and their monies.  Mr. Roman speaks fluent Spanish and is a former columnist for La Opinion, the nation’s largest Spanish-language daily newspaper.  He is the incoming chairman of the board of directors of the Arizona Society of Certified Public Accountants, chairman of the Audit Committee of Maricopa Integrated Health Systems, and a board director of the Arizona Hispanic Chamber of Commerce.  He lives in Paradise Valley, Arizona, with his wife and three children.  He can be reached at [email protected]

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