There's little room for error. Even though economists tell us the recession is history, banks remain as stingy with business loans as ever. So it's important that small-business owners recognize the pitfalls that await them and learn how to avoid them.
There are five common mistakes CNBC says stand out as potentially crippling problems for small businesses, but for my money, there's one that'll doom any business before year one closes, let alone the fifth anniversary:
In a small business, everyone pitches in and does tasks that fall outside the lines of their job descriptions. But no matter how eager you and your employees are to do it all yourselves, know when you're in over your head.
Don't be afraid to outsource tasks that your team can't or shouldn't handle. That's, in one sentence, why I started OAA. You and your team are experts at your trade. You're not expected to be office administration pros. We are. And we deliver.
We know the challenges of a small business because we are one. You're very experienced at your work and suddenly find yourself in a swamp of payroll, hiring, insurance, billing & collections, and marketing. We drain that swamp for you and you'll be able to focus on what got you to start your business: Your ability.
Using OAA and our resources lets you focus on your core business while delegating mundane time-eating processes. I hate to admit it, but our clients do view what we do as the mundane time-eating processes. But that's our knowledge base and you can tap into our capabilities for surprisingly little cost compared to the business you lose by trying to do the mundane and time-eating on your own. Even the largest, world-class corporations outsource to gain access to resources not available internally. It even allows them to wash their hands off functions that are difficult to manage and control. Bookkeeping for example. Payroll for example. Both of these can have tax consequences you don't want to bump into accidentally when draining the swamp yourself.