In honor of the opposite day – here is BSH Accounting’s advice to you to be a successful fiscally responsible small business in compliance. Or to be an unsuccessful, financial wreck with a small business with big problems, bad credit and in trouble with the IRS.
Although a little facetious, I am sure we are all guilty of a lot of these at some point…
- Payout money fast and be slow collecting money in.
- Ignore your incoming mail and important emails.
- Be in Denial of your responsibilities and procrastinate them to your future self.
- Be unreliable.
- Think about your taxes and finances once a year, and then bring a box and bible to a stressed-out CPA on April 15th.
- Keep your business and personal expenses in the same account.
- Max out credit cards.
- Reduce the promotion of your business.
- Have no plan.
- Spend money on excess and waste, but be very meticulous and analytical when it comes to investments and hiring professionals.
- Take advice from unsuccessful people.
- Trust unscrupulous business people and don’t operate off contracts.
- Ignore bills.
- Overpromise and under deliver.
- Give out interest-free loans to people and friends/family.
- Be lazy.
- Keep your costs way below market value to inflate the ego.
- Spel thingz wrong and use words like “bro” in your business letters.
- Check your bank account once a year.
- Give your Social Security out and Credit Card to incoming callers.
- Ignore all IRS correspondence.
- Have no record-keeping system and don’t track anything.
- Provide terrible or little to no customer service.
- Invest in high-risk startups and companies your friends pitch you.
- Have only one to no source of income.
- Set bad goals or have none. Hopefully, they create destruction in its path.
- Go into extreme debt.
- Go into business with a criminal or unscrupulous person.
- Trust people at face value. No background checks.
- Take any and every customer just to bring in money.
- Ask for credit when you need it the most.
- Raise money when you are desperate for it.
- Let users and schemers stick around you.
- Hang around people way worse than you all the time.
- Say yes to every opportunity
- Don’t have a savings account. If you do, take out all the money and spend it now.
- Get an LLC and don’t understand tax saving strategies and be taxed as a Sole Prop by default.
- Talk as if you know it all.
- Avoid researching what your customers want.
- Have no web presence.
- Live above your means.
- Don’t Do.
- Abandon your health and just focus on business.
- Be indecisive.
- Be careless, sloppy and messy.
- Dress like a loser.
- Don’t shower and have bad grooming habits.
- Be easily distracted.
- Be unfocused.
- Take out high-interest loans.
- Think that because you have no money in the bank and are paying back loans that you won’t be taxed.
- Be surprised by tax liabilities every year and big expenses.
- Create a poor relationship with your bank.
- Respond to emails that piss you off immediately.
- Miss important filing deadlines.
- Be unaware of your surroundings and be unaware.
- Drink everything except water. Sleep for less than 8 hours.
- Always be arrogant.
- Drive without your seatbelt on.
- Piss off important people in your industry.
- Fly off the handle on social media.
- Play the lottery often and go to casinos.
- File your taxes under the wrong status or better yet not at all.
- Express ingratitude. Don’t say please and thank you.
- Hire a Sh*tty bookkeeper our better yet not one at all!
- Be negative and focus on how to not do something all the time. Expect different results.
