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Avoid These 4 Money Mishaps for a Successful Business

Avoid These 4 Money Mishaps for a Successful BusinessThe statistics for new businesses succeeding is an eye-opening one for many entrepreneurs. Even with the best intentions, focus, and a solid team, your success is not guaranteed. As one of the biggest challenges for business owners, finances often cause stress and hardship from the start. We’re going to examine the four major mistakes that you can avoid to ensure your business is a thriving one, both now and long term. In addition, protect your operation with a comprehensive NY General Liability Insurance policy.

Mistake #1: Focusing only on the big picture.

Business-minded individuals naturally want to focus on long-term goals and make steps toward achieving them. However, not focusing on the day-to-day activities can have a counterproductive effect. Experts recommend identifying the answer to one simple question: How much money do you need to make each month to stay in business? Long-term goals aside, you need to focus on keeping the doors open today. Identifying these figures can help you strategize a way to sustain and grow your business from the start.

Mistake #2: Failing to take advantage of free resources.

In the age of the internet, there is so much free content that can benefit you and your business. You can get answers directly from experienced sources on blogs, social media, websites, podcasts, and more.

Mistake #3: Exceeding your scope of work for free.

Part of starting a successful business is to establish rapport with your clients. While you might favor one, or want to please new customers, it’s important that you stick to the scope of work. If your clients ask you to do more, even if it’s something small, ensure you are compensated for it. This issue could potentially have a domino effect for other clients and increase the workload for your employees, so don’t be shy about upping your price.

Mistake #4: Only accepting cash.

There are fees associated with accepting cards as payment, but not accepting them limits your business. If your business accepts credit card payments, there are many perks that go along with this. You can expand your customer base, get paid faster and potentially reduce transaction costs.  Another perk is it provides a streamlined way to handle billing, explains Small Business Trends.

About AJ Benet Inc. Insurance Agency

At AJ Benet Inc. Insurance Agency, we make sure that your New York Business Insurance policy includes more than the simple general liability and product liability. Our policies extend in cases where you underlying limits are exhausted. Our team of experts are willing to go the extra mile and not only protect your business but understand it. For more information, call us today at (914) 381-2040.

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