Sep 12, 2023 in Business Coaching
6 Things That Businesses Fail At Constantly
For better or worse, small business owners don't know what they don't know about operational failures.
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How do I fix a marriage after cheating??
My husband of 5 years has cheated on me. I'm heartbroken. Can I fix our marriage?? Is there hope for us?? Will things get better? Please help
Am I over reacting? Am I the one in the wrong no him
Ok I've been with my boyfriend for 3 years now and he denied cheating on me but everything points to the opposite he's gone to spend the night with his baby moma and her kids in a hotel he rated me put to her when I called the cops on her for her vandalizing my car he would defend her when I would bring thing up about her and he has a video of her playing with her self am I wrong for being mad?
We both have insecurities and trust issues due to past relationships... So, there's the back and forth accusations, yelling, name calling, etc. We are both extremely jealous and have no communication skills. We love each other but sometimes Love isn't enough to make someone understand that you aren't going to hurt them. How can we help each other overcome these issues?
Idk what to do
My boyfriend and I have been fighting because he found some old messages that I had when we started going out, the messages are not bad the conversations where just like hi and bye kind of thing but because I told him I wasn't talking to anyone he's mad but da whole time he was still hanging out with his baby momma behind my back and he would delete all his messages to her so I wouldn't see them
Lost and confused at a crossroads
My boyfriend and I have been together for seven years now. We have had a very tumultuous relationship both of us have hurt each other very much on each parts. But he’s done a lot more wrong it has no accountability. But my question is how do you handle it because anytime I try to talk to him about anything he automatically yells at me, deflects, accuse me of cheating. How do you go about handling
How can I get my teen to confide in me
I've been trying to get my son to confide in me about why he is feeling so depressed. He is 15 years old and a very good teen but have no idea why he is so withdrawn and quiet. Please help me I cant bear to see him like this
What do I do?
I'm not sure what to do. Recently separated mom with 2 young girls and pregnant with my 3rd.
I took my son's Ipad away because I'm at my wit's end with him.
He is so addicted and doesn’t want to do anything else. Can anyone tell me whether I did the right thing or am I being too harsh?
It's 3 y I divorced and we have shared custody of 2 lovely kids. Any advice on how to make them understand that divorced parents is ok?
What should I do?
My son is acting out in school and giving people the middle finger and running around and hitting when he is restrained and he also has speech apraxia and may have ADHD
Small businesses are the backbone of many economies worldwide. They bring innovation, jobs, and local character to communities, but they also face significant challenges, some of which can lead to business failure. This article delves into six recurrent issues that small business owners struggle with, particularly focusing on tax blunders, time management, and misplaced business priorities.
Overpaying Taxes Due to Poor Financial Management
Small businesses often pay more in taxes than they should, largely because of inadequate financial management. In a report from SCORE, it was noted that 40% of small business owners say bookkeeping and taxes are the worst part of owning a business1. Overpayments can stem from:
- Not leveraging available tax deductions.
- Not classifying business expenses correctly.
- Inadequate record-keeping.
Not Seeking Expert Tax Advice
While entrepreneurs excel in their fields of expertise, tax codes can be a quagmire. According to a survey by Clutch, 30% of small businesses don't use accounting software2, meaning they might be unaware of potential tax breaks or stipulations. Failure to consult with a tax professional can result in missing out on valuable deductions and credits.
Not Planning for Quarterly Taxes
Unlike salaried employees, entrepreneurs are responsible for paying taxes on a quarterly basis. A CBIZ report found that failing to properly plan for and pay quarterly taxes is a major pitfall for many small businesses3.
Over-involvement in Day-to-Day Operations at the Expense of Strategic Planning
Entrepreneurs are typically passionate about their businesses, which can lead them to be deeply involved in daily operations. While this commitment is commendable, it can impede their ability to focus on long-term strategy. Michael E. Gerber's The E-Myth Revisited notes that many entrepreneurs work "in" the business rather than "on" the business4. As a result, they often neglect to implement systems and processes that can allow the business to operate efficiently without their constant intervention.
Failure to Implement Scalable Systems
As a business grows, it needs scalable processes to sustain that growth. Without these, inefficiencies can arise, leading to wasted time, resources, and opportunities. According to Bain & Company, companies that scale properly grow 20% faster and are more profitable than their competitors5.
Having the Wrong Focus
In the rush to generate revenue, some entrepreneurs lose sight of their original vision and the needs of their customers. Rather than delivering quality or focusing on a niche, they scatter their efforts. Harvard Business Review emphasizes that understanding and focusing on core competencies can make or break a business6.
While running a small business comes with myriad challenges, being aware of common pitfalls can help entrepreneurs navigate the complexities of entrepreneurship. By addressing tax issues head-on, prioritizing strategic planning, implementing scalable systems, and maintaining a clear business focus, small business owners can enhance their chances of long-term success.
SCORE. (2019). Infographic: The Importance of Bookkeeping for Small Businesses.
Clutch. (2019). How Businesses Use Accounting Software.
CBIZ. (2020). Small Business Tax Mistakes to Avoid.
Gerber, M. E. (1995). The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It.
Bain & Company. (2017). Founder's Mentality: How to Overcome the Predictable Crises of Growth.
Teece, D. J. (2007). Explicating Dynamic Capabilities: the Nature and Microfoundations of (sustainable) Enterprise Performance. Harvard Business Review.