(PRWEB) August 14, 2012
5StarControl has decided to issue an announcement about 5 money errors small businesses shouldn’t make. Local business review site 5StarControl wrote that small businesses might suffer if they make any of these 5 money mistakes.
Nancy Tran with Business2Community.com reported that 5 important chores every small business cannot afford to ignore are not setting up emergency operating funds in case business slows down, not taking advantage of financial support offers or opportunities, failing to keep up with the latest target market trends, over-spending or mismanaging their budget, and ignoring bookkeeping housekeeping tasks.
Emergency funds are set up to help a company cope with unforeseen expenses that could cause the business to go under if the money was not readily available. Instances where an emergency fund could keep a business going include unexpected structural damage to the building, production equipment needs repairs to maintain product fulfillment needs, or a delivery truck is wrecked in an accident and requires replacement. 5StarControl feels these instances where not having an emergency fund set up could lead to sudden death for a small business.
5StarControl stated the most common form of financial support for small business is a business loan. Locally owned companies might occasionally need a loan for startup costs, or for planned expansions that would dangerously drain a company’s monetary assets. 5StarControl reminds their clients to consider business loans, if needed, for marketing strategies and reputation management services in order to meet the changing trends of their respective markets.
“Keeping abreast of target market trends is essential to the life and longevity of online marketing for small business,” said 5StarControl. By tracking their customers’ purchasing habits, small businesses can avoid losing consumer support of their products. Tran recommends that local companies, “track [their] profits across the board, and make sure you know where your success (or lack thereof) is coming from.”
Not sticking to a budget is a common money mistake that can make or break a small business, Tran reported. In times of financial stress, small business owners make the mistake of thinking a “quick fix” now will solve their problem, when in fact it could have dire consequences further down the road.
Company bookkeeping, or lack thereof, is another chore small businesses tend to overlook that can cost them dearly in the future. Without responsible, timely bookkeeping, small businesses aren’t able to adequately track expenses, profit and loss, or plan for marketing strategies to pull in new customers or promote brand loyalty in existing customers.
5StarControl declared that these 5 common errors are mistakes small businesses can’t afford to make. By avoiding these mistakes, protecting their online reputations, and educating themselves with materials such as Frank Kern's, small businesses can experience larger revenues and fewer problems in maintaining their marketing strategies.
5StarControl is a newsletter on small business matters regarding reputation management.
Legal Disclaimer - 5StarControl does not make any representations, guarantees, or commitments to financial gain or benefit with regard to any data or information supplied in this press release. Any data or information relied upon is done so at the readers own risk.