Common Mistakes Made By Small Business Owners

I look around at other blogs and the authors never seem to be at a shortage of something to say  Perhaps it is just because I am new to the blogging scene, but I’ve had a hard time identifying topics that are appropriate to discuss.  They are either too broad with too much information to cover in this short space, or too specific and probably not of much use to most people.  On the advice of a friend, I’ve decided to start with a list.

Below you will find an incomplete list of the most common mistakes small business owners make or things that SBO’s tend to overlook.  I say incomplete because we could add topics to the list forever and neer be done.  I’ve chosen to include just general topics that affect most every business whether small or large.  Of course, the impact on a small business is much more significant.  There are law firms that specialize in “bet the business” litigation for major companies.  Every time a small business is involved in litigation, the life of the company is at stake.

Over the next couple of weeks, I’ll post individual discussion of each of the items on my list.  For now, just take the items on the list as something to think about and consider for your situation.  if any of these apply to you, then you are betting your business right now.

Common Mistakes Made by SBO’s

  1. Under-capitalization
  2. Failure to plan and adjust for growth
  3. Over emphasis on the type of business organization
  4. Failure to understand the impact of an employee
  5. Failure to understand the impact of employees
  6. Not having an employee manual
  7. Thinking: “I’ve got some experience, I can do this myself.”
  8. Not keeping up with the paperwork
  9. Failure to plan for litigation
  10. Not having a document retention policy in place
  11. Failure to consult an attorney
David B. Willis

David B. Willis

David Bryan Willis is a Tyler area business lawyer providing legal services to private companies, startups, and small businesses across Texas.
David B. Willis

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