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Starting a business is no mean feat in itself, but the most work goes into running it. What with the pressures requiring you to think and strategize.
While there’s no foolproof to ensure that your business succeeds, SMBs tend to make the same avoidable mistakes.
Taking seller’s permit renewal for granted is just one of the costly mistakes you can’t afford. Below are the top four mistakes SMBs make;
Avoiding Risks Too Much
Are you looking for additional capital? Then you’ll need a leap of faith to reach out to and open the doors of your business for investment partners. Failure to bring them on board will see your business lagging behind and eventually being out of the market.
However, you need to screen the angel investors and other partners to minimize risks to your own equity and preserve the business’ culture & processes.
Failure to Obtain or Renew Seller’s Permit
If you plan to start a new wholesale business in California that sells goods ordinarily subject to sales tax, then you must obtain a seller’s permit. Without the permit, you don’t qualify to sell your merchandise in California.
Failure to obtain or seek seller’s permit renewal services before the date of the first return will earn you hefty penalties and interest charges. Once a citation is issued, you’ll have to appear in court and may get subjected to fines of up to $5,000 or a year in jail.
Lack of a seller’s permit and playing hide and seek with the taxman will only land you in trouble with the law. A single blow can see you closing the business doors.
Avoiding New Technology
In the small and medium-sized business world, technology avails a wide array of new opportunities. By incorporating technology into your business operations, you’ll be giving room for enhanced business efficiency and reduction of costs.
Failure to adopt new technology will only hurt your business both in the short-term and long-term. That’s because your entity will lag spend more on operations and lag behind the competitors.
Trying to Do It All
Of course, it’s good to pull all the strings to make sure that everything works as it should. However, it’s normal for a few tasks to fall outside their job descriptions. Your level of eagerness to see the business succeed is okay, but it’s good to know when there’s no more your staff can do.
Set a few tasks that your team can’t handle or have no time for and outsource them. The chances are that you’ll find someone who has the specific skills for the job for a stellar performance.
Without a doubt, there’ll never reach a time when your business will work without facing a few pitfalls here and there. But some mistakes are so commonplace that they should be unheard of.
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