• Scorpion Bookkeeping

How to avoid common start-up business mistakes

The failure rate among start-up businesses is high. It’s important to do your research and to avoid common mistakes. Here are three common start-up mistakes and how to avoid them.

1. Not having realistic short, medium and long-term plans

As the old saying goes, those who fail to plan, plan to fail. It’s important to set realistic short-term (less than 12 months), medium-term (2 to 5 year) and long-term (greater than 5 year) plans in place to guide your business decision making.

These plans should include realistic goals and you should regularly measure your progress towards achieving them.

2. Not putting systems in place

Systems create efficiency and help you to get organised. A bookkeeping system is a good example. It can help you to plan and manage your cash flow.

Workflows are another example of systems. You should identify the most efficient workflows so you can make the best use of your time.

3. Trying to do too much on your own

It’s important to know your limitations and when you need outside expertise and help. Trying to do too much on your own will burn you out, and you’ll also end up making bad decisions if you take on tasks that are outside your skill set.

About us

If you have just started a small business (or are thinking of starting one), then our team at Scorpion Bookkeeping can provide you with cost-effective bookkeeping support services. This will help you to make smart business decisions. We service a diverse range of clients in South Australia, New South Wales and Victoria.

We can also help you to implement Xero bookkeeping software to help you to stay on top of your business finances. We are a Xero-certified partner.

Contact us today for a free, no-obligation consultation! We’d be happy to answer any questions you have.

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