Brian Hamilton, co-founder and CEO of Sageworks, wrote an article for Inc Magazine recently listing what he believes are the 7 biggest financial mistakes that businesses commonly make. I’ve summarized them into a list below but jump to the article to read details on each of the points.
1. Hiring in advance of revenue.
2. Borrowing money when you don’t really need it, but when the bank is willing to lend it.
3. Not paying payroll taxes on time.
4. Pricing too low.
5. Permitting accounts receivable.
6. Counting on one major source of revenue.
7. Hiring too much overhead.