Solving Common Problems That Most Small Businesses Face
Common problems faced by most small businesses today include poor planning, a failure to understand customer behavior, inventory mismanagement, a lack of sales, etc. The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.
To help your business thrive and outlast the competition, Saklas & Co., CPAs has listed three mistakes small business owners make and ways you can avoid these pitfalls
1. Attempting to do it all on your own
One of the most common mistakes we see small business owners make is believing that just because their business is small and starting off, they can do it all on their own. This is a significant misconception as, regardless of size, setting up a successful venture takes in-depth business, financial, and accounting expertise, which most of us simply don’t have. It is wise to enlist the help of some different advisors such as an accountant, lawyer, and recruiter. It’s also a good idea to talk to your family and other business owners before getting started. Taking advantage of experts in small business mentoring can save you time and put your mind at ease.
2. Structural problems due to lack of knowledge
As mentioned above, faulty infrastructure or a lousy business model can bring the best-laid plans to naught. Right at the beginning of your business journey, you should schedule a meeting with a Chartered Professional Accountant to review the appropriate share structure and possible shareholders that is right for you and your situation in the long run.
3. Missing out on saving opportunities
Finally, along with business know-how and structural expertise, a Chartered Professional Accountant will ensure you do not miss out on potential tax savings and deductions that can play a role in your company’s progress. Most business owners are unaware of deductibles vs. non-deductible expenses and the most tax-efficient way to withdraw funds from the company, which can lead to problems in the future if you are not careful.
For more information and ways to save and make money and all the expertise you need to keep your accounts up to date and in order, reach out to Saklas & Co., CPAs. We are a locally owned Chartered Professional Accountant firm satisfying the needs of businesses and individuals since 1996. Our success is directly attributable to our commitment to providing quality service in a timely fashion. Our firm continues to grow our client base by expanding into the Metro Vancouver market, especially in our local areas of White Rock, Cloverdale, and Surrey.
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