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In the first part of this series we talked about some common areas small
where business owners can find themselves in danger. Whether it’s focusing too
much on one client, or losing your employees to your chief rival, there are
things you can do to avoid potential disaster. Here are a few more areas in
which small business owners might find trouble:
Having blind faith in one accountant. How many times have
you read about a celebrity, a business owner or personality who lost everything
because of their trust in one bookkeeper? It’s a common problem, even if your
bookkeeper appears to be the most honest, trustworthy person on the planet. In
order to avoid such a situation, you need to always keep personal control over
your company’s money.
Do not give a bookkeeper check-signing privileges, and have bank statements
sent to your home so you can see them before your employees do. Make a habit of
conducting quarterly reviews of receivables and payables, paying attention to
any unusual entries.
Relying on the services of one bank. If you’re like most
small business owners, you rely on loans and lines of credit as a part of
running your business. But if you do business with only one bank, you’re at the
mercy of their policies and potential management changes. To avoid this, experts
suggest that small business owners do business with at least two local banks,
and develop a healthy relationship with both of them.
Taking on all the workload. This is a common downfall for
small business owners. After all, it’s your baby, so how can you give up some of
the important details and hand them over to an employee? If you are unwilling to
accept assistance or spread out the responsibilities, your company will not be
able to grow as much as it could. You also risk feeling burned out and
overworked.
Make sure you’re handing out the responsibilities required to grow your
business. If your current employees can’t handle it or aren’t prepared, then
train them or hire a new staff. For the health of your company and yourself,
spreading out job duties is a must.
Just as you teach children the basics of safety, you can learn basic steps to
take in order to protect the health and longevity of your small business. | 
