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What are the Five Mistakes Small Businesses Make?

This entry is part 1 of 20 in the series Hiscox Authors Series

What are the Five Mistakes Small Businesses MakeAs a small business owner, are you making these five mistakes that might be hurting your business?

Our team is always on the lookout for new ways to help your small business grow.

We recently hosted a webinar on the “Five Most Common Mistakes of Small Business Owners and How to Learn From Them,” with small business expert, and owner of the Marks Group PC, Gene Marks.

Gene shared the top mistakes he’s seen most entrepreneurs make:

  1. Ignoring Your Financials.
  2. Under using Technology.
  3. Not Building a Community.
  4. Leaving Cash on the Table.
  5. Doing too Much Yourself.

It’s important for small business owners to keep a grip on what’s happening financially within their company. Gene Marks says a quick preview of company finances, through a Daily Flash Report, is essential. Under using technology, especially as it relates to invoicing can hinder a company. Small businesses should connect with vendors they use to ensure they’re using all the tools their software provides. Building your business community is no easy task. Once those relationships are formed, keep them close. Committing to distributing a newsletter is one way to keep those relationships fresh. Business owners should also ask themselves if they’re leaving money on the table. Having a strong relationship with your local banker will help avoid this mistake. Lastly, Gene stressed that business owners often do too much themselves. Says Gene, “Focus on your strengths and bring in experts to compensate for your weaknesses.”

To hear more of what Gene had to say about mistakes small business owners make,  view the archive of his webinar. Slides from the webinar are also available to download.

Look out for future webinars with tips and resources to help ensure your small business success. Do you have an idea for a topic we should include in an upcoming webinar? Leave a comment with your suggestion.

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