5 Things Not to Do When You're Running a Small Business
I started my first company with $500 — barely enough to cover the costs of incorporation. So, right away, I developed an addiction to doing everything myself. My partner was capable of and willing and able to do just so much, and I found myself doing a lot of admin tasks I never anticipated. Those tasks came with learning curves, and they took up valuable time and energy — energy that could have been directed at helping the business grow.
I didn’t make this mistake twice. With my second, far more successful attempt, I contracted out my half of the business just a couple of months in. Although my expenses grew, I could begin to focus on doing better work as well as devote time to business development. Both actions helped to grow the company far more quickly than my previous money-saving attempts at being my own bookkeeper.
So, resist the urge to cover all the ground alone. Saving financial resources is important, but don’t let your task list undermine your big goals.