| Many small business owners "hit a brick wall" or | | | | your side who knows how to deal with tax issues |
| make costly mistakes simply because they aren't | | | | and payroll, etc., because your business can go |
| aware of the pitfalls lurking along their path to | | | | bankrupt in the blink of an eye if something major |
| success.Here then, are the top five things you | | | | goes wrong with your finances.To find a good |
| MUST do to help your business avoid such traps | | | | accountant, ask your friends and colleagues and |
| and achieve the success you desire and | | | | business association members to recommend one. |
| deserve:Know Your Business Inside and Out. The | | | | Don't be afraid to interview several until you find |
| first key to your success lies in your knowledge | | | | one you're comfortable with.Get A Good Lawyer. |
| about your business, whether it's selling insurance, | | | | You don't have to hire some $450 an hour |
| writing books, teaching Yoga, or running a bakery. | | | | Madison Avenue law firm to represent you, but |
| You've got to know:What is your product or | | | | you do need to find an attorney who specializes in |
| service? How does it work? How will your | | | | business and can draw up contracts and |
| customers benefit from using it? Why is it better | | | | agreements to protect your business interests. |
| than the other products/services out there? | | | | Some examples of things you MUST get in |
| Who are your customers? What is it about them | | | | writing are: partnership agreements, contracts for |
| that makes them want your product or service? | | | | services, corporate documents, etc.To find a |
| Do they all have common characteristics that | | | | good lawyer, do the same as you did with finding |
| make them more likely to buy from you? This is | | | | your accountant--ask around and interview |
| your target market, and if you want to attract | | | | several til you find one you're comfortable with, |
| customers and expand your client base, you need | | | | and (hopefully) can trust.Keep Learning. Take |
| to market to them, and only them. Scattering | | | | classes, attend workshops, read trade magazines |
| your efforts is costly and unproductive. | | | | and books about your business, anything that will |
| How will you sell your products to them? Will | | | | help you keep your finger on the pulse of your |
| they be coming to your store? Buying from a | | | | industry. Sometimes things change overnight, and |
| catalog? Purchasing online? Your marketing efforts | | | | if you want to stay competitive, it's vital that you |
| need to be directed toward reaching people in the | | | | stay on top of what's happening in not only your |
| places they go to find your product or service. | | | | type of business, but in the marketplace that |
| Putting your business in front of them increases | | | | your business serves as well.Save For Retirement. |
| your visibility in the marketplace.In order to know | | | | When you're self-employed, your future is totally |
| your business intimately, you need to study your | | | | in your own hands. This means you've got to |
| industry, understand how it works, and apply | | | | make financial plans to sustain you in your twilight |
| what you know. Sometimes this means getting | | | | years, as well as to build generational wealth and |
| work experience in your chosen field, or getting a | | | | secure the future for your children and their |
| mentor, or attending workshops that tell you | | | | children. Even if you only put a few dollars a week |
| specifically how to do or manage something. Learn | | | | in savings, make sure you do it, and do it |
| everything you can so you're not running your | | | | consistently. Leaving a lasting legacy means |
| business by trial-and-error (unless you have | | | | putting financial mechanisms into place now.As an |
| unlimited time and money to do it that way).Get | | | | entrepreneur, your success is only limited by your |
| A Good Accountant. Keeping track of your | | | | imagination and motivation. The sky's the limit, so |
| money is what will make or break your business. | | | | shoot for the stars!Angel Brown is the Founder |
| If you're not an accountant or bookkeeper, get | | | | and President of the Women's Business Gallery ( |
| one. Fast. You've got to know exactly where | | | | the ART of business specialists, providing women |
| your business stands financially so you can make | | | | entrepreneurs and small business owners with the |
| the wisest decisions on where and how your | | | | information you need to succeed. Sign up for our |
| money should be spent. Learn to read financial | | | | free biweekly newsletter at: and receive the free |
| statements and balance sheets, and ask lots of | | | | 28-page eReport, "Woman's Business Survival |
| questions. You need to have a professional on | | | | Guide. |