These, I believe, are the 7 deadly sins that could destroy your business this year!
So you better watch our for the following:
Deadly Sin No.1 – Not setting aside money for tax
Having the tax man on your back is no joke. It’s not fun.
If you are not setting aside money for tax and are spending it instead then remember IT’S NOT YOUR MONEY! It’s the governments and they have the right to come and seize assets to recover money owed to them.
Deadly Sin No.2 Not ensuring your business is being set up to run profitably
You CAN run a profitable business from your very first sale, as long as you set up your financial systems and processes to align with that goal.
Overspending and having money leaks in your business puts a huge strain on cashflow as well as (usually) a huge strain on you too. It is 100% avoidable if you plan for profit from the beginning.
Or if you are not at the beginning of your business journey then change the plans…plan for profit from now, going forward. It is possible!
Deadly Sin No.3 Lack of accountability
One reasons many people chose to run a business is to get away from having a boss.But one this that does work well in the corporate environment is accountability – it is usually created by the very structure.
Having accountability to ourselves is REALLY hard.
And it is a major reason why people seek our mentors or coaches – the accountability aspect. Because it is much easier to be accountable to someone else.
Having external accountability in 2019 WILL ensure you have more likelihood of hitting your goals.
Deadly Sin No.4 Lack of strategy
Not understanding the direction you need to head in to achieve what you want this year will, inevitably mean that you cannot end up where you want.
It’s like getting in a car and not knowing the way…but not turning on the sat nav or looking at a map…just driving around and hoping that you end up
Oh and BTW strategy and tactics are not the same thing – when you are thinking about strategy please don’t get sucked into the tactics.
Deadly Sin No.5 Inability to scale in the way you want due to business model chosen
If you have a vision of making £2m a year but you have a business that relies 100% on you trading tome for money then the likelyhood is that model will break as you scale.
Make sure that you have a model that is going to scale to the place you want your business.
Deadly Sin No. 6 No handle on cashflow
99% of businesses that fail do so because they run out of cash.
Not having a handle on cashflow can literally break your business – it does for thousands of businesses each and every year.
Don’t bury your head in the sand and think that everything will be ok with just another sale.
Thinking like that will end you up in cashflow hot water and that is not a fun place to be sitting.
Be all over the cash in your business – be the one in control of it.
Deadly Sin No.7 Lack of consistency
Consistency does not mean relentlessness.
Consistency means being consistent!
You plan to release a podcast every Thursday then do that!
You plan to go Live every Tuesday at 8am then do that.
Here’s to your business success this year.
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!