So you’ve taken the decision to run your own business. It’s common to think that success will follow soon after. But is that fact? Probably not. In fact, almost certainly not. It’s more usual to be a hard graft, tiring and possibly horrifying, especially if this is your first time.  But there will always be light at the end of the tunnel; how near that is to you depends on, well, you, let’s be fair.

Here’s a list of 5 mistakes that new businesses owners make.

You think you can do everything yourself.

Young and energetic you may be, and you may think that you are able to accomplish anything and spend your whole life dedicated to your business. It’s probably the biggest mistake that new owners make. Of course, finances may well be tight, but a tired mind produces a tired product, and that in turn will affect your bottom line. It is important to seek specialist advice and help where necessary and divert your time to where you think it’s best spent.

You’ll share your doubts with the wrong people.

Talk to trusted friends, family and professional advisors. You would be surprised how often that straightens out some thoughts or worries with a quiet chat. Seeking specialist advice might be needed but try a chat first.

You’ll only see the business you have, but not the one you want.

Believe that you are running a larger business than you actually are. Be authoritative with clients and staff. Believe that you’ll succeed. This will give you a stronger mindset and enhance your decision making, and so the process starts again. Believe.

You back down after rejection.

Back to the believe. You’ll face rejection time and again while the business grows, but try to understand that this is one step nearer to a success.  Failure happens in business, so just accept that is the way it is. It’ll make you stronger in the long term. This isn’t a personal vendetta against you, it’s not as if you’re being picked on or having a bad day, it’s. Just. The. Way. Life. Is. For just about every one of us in business.

You’ll see the short term financial picture.

A growing business can sometimes get ahead of the finances available. With the right planning and financial advice, you’ll know where you are in the greater picture. It’s crucial to keep an eye on where you are and that it correlates with your financial targets and use of reserves, but if it’s all on track, keep following your plans, amended as necessary along the way.

If you need help with any business planning, contact us here or call on 01442 560050. We are specialists in business planning as well as preparations of financial documents.

BAS Associates are accountants based in Northchurch, Herts and Dibden, near Southampton and the
New Forest. We are also happy to help clients including nearby locations as Hemel Hempstead, Tring and Berkhamsted, as well as an area encompassing Marchwood, Cadnam, Stoney Cross and Brockenhurst