W.H. Williams Blog

Everything listed under: Business Mistakes

  • Not Being Prepared for a Tax Audit

    The Freedom of Information Act. Remember this statement and learn from it. The Freedom of Information Act has forced the Internal Revenue Service to release business audit manuals for public review.   Read More...

  • Not Buying Enough Insurance

    Lack of coverage that is inadequate can wipe your business out before you realize what is happening. We have talked with so many businessmen who feel as though they can save money when it comes to insurance. What they don’t realize until it is too late is cutting corners on the insurance is nothing more than gambling, not saving money.   Read More...

  • No Uniqueness

    In order for most small businesses to stay in business, they must be UNIQUE, in their market. There is so much competition in today’s marketplace, you must, absolutely must, without a doubt, must, stand out. Better value, better price, most convenient, best service, widest selection, quickest delivery, whatever.   Read More...

  • Sole Ownership versus Partnership versus Incorporating

    There are so many comparative benefits and drawbacks to each of these, and so many “experts” who can tell you which way you should go, most small businesses choose the Corporation. In many cases, a corporation can be the most beneficial, but not always. The wrong choice can sometimes cut seriously into the amount of money the owner can take out of the business.   Read More...

  • Letting Success Go to Your Head

    We have seen several business owners come up with a winning service or product, start up their business, and go like gang busters. Then, little by little, it turns sour. After analyzing this, we realize the inexperienced owner didn’t put enough emphasis on service.   Read More...

  • Letting Inventories Get Out of Control

    We have often seen business owners who haven’t got the slightest idea of what they have in their inventory unless they run out of a product or if they have fire or water damage in the warehouse and they have to come up with an inventory list for the insurance company. Do you realize how much cash can be tied up sitting in some warehouse or back room? Inventory is cash.   Read More...

  • My Employee – My Friend

    There is nothing wrong with being friends with your employees, but please be sure they know you are the boss. This must be known from day one. Your business is your livelihood.   Read More...

  • Liquidity

    Can you pay your bills? The failure of a small business depends on their ability to keep the company sufficiently liquid enough to pay all of the bills, overhead, salaries, inventory, taxes, everything. Try to always think of ways to add cash to your business.   Read More...

  • Disregarding the Numbers

    Financial statistics are key business indicators that seldom lie. These numbers can alert a businessman to problems that could happen several months down the road. Always know where you stand on your balance sheets, bank accounts and your profit ratios.   Read More...

  • Slow or Uncollected Receivables

    It doesn’t matter how generous you are in your personal life. When it comes to collecting debts or even issuing credit in your business, business rules MUST rule. Every small businessman must learn what the giant businesses have known for many years.   Read More...

  • Going into Business with Limited Cash

    Pure and simple, business is money. The businessman is constantly trying to find ways to bring it in the door, spend it as wisely as possible, make it stretch in all directions and then invest it in the most profitable way. Every decision the owner must make should be geared to make sure his money makes money.   Read More...

  • Little or No Credit

    Borrowing money can be the vehicle to business growth. It is not a sign of weakness or one of those last ditch efforts to stay in business. Borrowing can mean growth, expansion and a cushion when sales are lax or when the economy tightens up.   Read More...

  • Not Getting Professional Consulting Help

    So many business people feel like they can handle their accounting and advertising themselves without ever getting expert help. There are constant changes in the tax laws and accounting principles. Keeping up with these changes is a full time job.   Read More...

  • Trying to Be Everything to Everybody

    It doesn’t matter what you are selling, whether it is a product or a service, you just cannot serve everyone. Business owners go into business everyday with the thought of selling what they have to every living breathing consumer. You must target market.   Read More...

  • Your First Impression Your Business Makes to Customers

    There is only one time you can make a first impression, and that memory is usually a lasting one for the customer. So many companies fail to prepare for that first contact with the public, and we can’t tell you how many millions of precious consumers and consumer dollars never go back for the second time.   Read More...

  • Selecting Your Business Location

    If your business is a retail business or a restaurant or a place where people will come to you, selecting the right location is so important that we cannot overemphasize the point. If you settle in a bad location, your company or venture can be dead from the start, no matter what you sell, no matter how good you can sell and no matter how financially sound you are. Location, location, location.   Read More...

  • Selecting Your Business Partner

    In a great number of cases, friends do not make good business partners. It seems if one has a good social relationship with someone, it’s tough to have that same relationship in business. The problem is dealing with sensitive emotions.   Read More...

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