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Onaplatterofgold.com > Blog > Entrepreneurship > Top 4 Common Bad Small Business Mistakes You Should Avoid And Their Actual Cost To The Business [Infographic]
Entrepreneurship

Top 4 Common Bad Small Business Mistakes You Should Avoid And Their Actual Cost To The Business [Infographic]

Platterofgold Editor By Platterofgold Editor Last updated: 12 February 2022 2 Min Read
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Running a business (big or small) is not bread and butter stuff. It’s a daunting task as businesses take time to grow and mature.

In fact, greater percentage of so many small businesses struggle to survive their first year of operation. This is why it is therefore important to get things right from the beginning.

You have to start off with the right people, create the best structure and manage your finances well in a prudent manner. Having healthy business finance is one of the most important things in entrepreneurship.

This is an aspect of business management every young entrepreneur aspires to get right. A well-run company or business will have a healthy finance and a good business credit.

Small business mistakes and their actual costs

As an entrepreneur, it’s easy to make costly small business mistakes that will leave you bleeding green instead of accumulating cash.

This usually happens whenever an entrepreneur starts a new business. One of the biggest small business mistakes is choosing a sole proprietorship instead of another business entity.

An entrepreneur starting a new business probably doesn’t realize that they’re costing themselves a lot of money by not selecting the right kind of business structure from the beginning.

Another small business mistake that can be really costly is not keeping accurate, complete records of the business. Are you also making some of these mistakes?

The infographic below, courtesy of 1800Accountant.com, highlights the top small business mistakes that cause problems with taxes, inland revenue, and cash flow.

 

The main aim of this infographic is to remind entrepreneurs why it’s important to start a business on the right foot in order to avoid the financially damaging mistakes small businesses often make.

small business mistakes to avoid

 
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TAGGED: Business Finance, featured, Infographic

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Platterofgold Editor 12 February 2022 28 November 2016
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7 Comments
  • Cassian Andor says:
    14 December 2016 at 11:51 am

    Well done with the content. Indeed I’ll share with all. This can really motivate other readers as well.

    Reply
  • Caroline says:
    1 January 2017 at 11:08 pm

    Lovely stuff here…just what I was searching for. Thanks to the author for taking his time on this one.

    Reply
  • Bree Gaell says:
    1 January 2017 at 11:35 pm

    There’s certainly a great deal to learn about this. I like all the points you have made. Great infographic!

    Reply
  • bdsm lovers says:
    4 March 2017 at 11:21 am

    FgyFTW Really enjoyed this blog article. Much obliged.

    Reply
  • lucy ann says:
    9 May 2017 at 4:25 pm

    I truly appreciate this blog post.Really looking forward to reading more. Keep writing.

    Reply
  • jake jilennanal says:
    10 July 2017 at 6:10 pm

    jLlcEM Say, you got a nice article post.Much thanks again.

    Reply
  • lucy ann says:
    14 July 2017 at 9:51 am

    sRflle Very informative blog post.Really thank you! Really Great.

    Reply

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