What are the biggest mistakes small businesses owners make?
According to Hiscox, a Bermuda based insurance company, and reported in the “In Charge” WJS blog, these business mistakes are most common:
- higher-than-expected costs
- hiring the wrong people
- not knowing how to market and sell products and
- not securing enough financing
I can’t help you much with the first three items but this blog is about borrowing money so what can we do with number 4? There are some simple steps a business owner can take during the planning stages to promote success.
Find someone who is financially savvy to coach you through the borrowing process. They should not be conflicted by earning a commission from the loan they might sell to you.
Most importantly, when you are drafting your business plan make sure your borrowing plan reflects the six pillars of borrowing character including being a good neighbor. Be the borrower you’d want others to be if you were a lender.
What borrowing mistakes have you made that could have been avoided with better planning?
- Hiscox USA ‘Leaps’ Into Production on New Branded Web Series: ‘Leap Year’ (prnewswire.com)
- Five Reasons Your Borrowing will Crash Your Small Business (proborrower.wordpress.com)