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Business Owners Make this One Costly Mistake

Business-Meeting-300x199The dream of many is to run their own business. They have a great idea, and to watch that grow and blossom, all while providing them an income, sounds like the most amazing thing ever. The sad truth, however, is that many of these business owners will never even take the first step. They have the idea, but it only ever remains an idea. Those who do take the first steps to starting their business will often see defeat. It is not because their idea is terrible; almost any idea CAN work. It is because they make this one mistake, and it costs them dearly. Your accountant in Billings, Montana explains how business owners set themselves up for failure.

 

The Biggest Mistake that Business Owners Make

Most businesses start out on shoestring budgets. They don’t have the resources to hire out a lot of their work, and as a result, they stretch themselves thin. They have to run their business, as well as play all the other roles out there. So where do they err? Do they neglect the business in order to be a manager? Do they neglect their payroll services in order to run the business? Do they try to market the business but forget about bookkeeping? The answer is yes; business owners’ biggest mistake is not having a team of advisors.

Consider this: when the president has to make a decision, even a small one, do you think he does an internet search and bases his decision on what other people in XYZ forum say? Of course not, he surrounds himself with people far more intelligent than he is, and takes their advice.

When the CEO of Exxon has to make a decision for the company, do you suppose he looks over charts and says “I bet this will work”? Absolutely not. He consults his accountants, lawyers, managers, and executives, and then bases his decision off what they tell him.

So why do owners of small businesses try to do everything on their own? It is the difference between scarcity and abundance thinking. The scarcity thinker believes that by doing the work himself or herself, money will be saved. The abundant thinker knows that by enlisting the help of others, so much more money will be made that the amount spent will seem miniscule.

If you are a business owner, avoid the costliest mistake out there. Avoid trying to do everything yourself. Enlist the help of an accountant to do payroll services. Enlist the help of a marketer to design and advertise. Enlist the help of a writer to create search engine optimized web content. Enlist the help of an assistant to manage your calendar and make phone calls. This leaves you free and open to build your business and grow it to where it needs to be.

Practical Taxes Can Help Your Business Grow

Do you want your business to grow? Of course you do, why else would you be in business? Here at Practical Taxes we do just that. We provide business consultation, online payroll services, and much more in order to take you from a stagnant point, to a flourishing small business owner. Call us today at 406-894-2050 to set an appointment to learn how to grow your business.