Backwards Day 0202, 52, 1 – 66 Tips to Be Unsuccessful In Business

“Tell me where I am going to die so I can avoid that place.” – Charlie Munger

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…

  1. Payout money fast and be slow collecting money in.
  2. Ignore your incoming mail and important emails.
  3. Be in Denial of your responsibilities and procrastinate them to your future self.
  4. Be unreliable.
  5. Think about your taxes and finances once a year, and then bring a box and bible to a stressed-out CPA on April 15th.
  6. Keep your business and personal expenses in the same account.
  7. Max out credit cards.
  8. Reduce the promotion of your business.
  9. Have no plan.
  10. Spend money on excess and waste, but be very meticulous and analytical when it comes to investments and hiring professionals.
  11. Take advice from unsuccessful people.
  12. Trust unscrupulous business people and don’t operate off contracts.
  13. Ignore bills.
  14. Overpromise and under deliver.
  15. Give out interest-free loans to people and friends/family.
  16. Be lazy.
  17. Keep your costs way below market value to inflate the ego.
  18. Spel thingz wrong and use words like “bro” in your business letters.
  19. Check your bank account once a year.
  20. Give your Social Security out and Credit Card to incoming callers.
  21. Ignore all IRS correspondence.
  22. Have no record-keeping system and don’t track anything.
  23. Provide terrible or little to no customer service.
  24. Invest in high-risk startups and companies your friends pitch you.
  25. Have only one to no source of income.
  26. Set bad goals or have none. Hopefully, they create destruction in its path.
  27. Go into extreme debt.
  28. Go into business with a criminal or unscrupulous person.
  29. Trust people at face value. No background checks.
  30. Take any and every customer just to bring in money.
  31. Ask for credit when you need it the most.
  32. Raise money when you are desperate for it.
  33. Let users and schemers stick around you.
  34. Hang around people way worse than you all the time.
  35. Say yes to every opportunity
  36. Don’t have a savings account. If you do, take out all the money and spend it now.
  37. Get an LLC and don’t understand tax saving strategies and be taxed as a Sole Prop by default.
  38. Talk as if you know it all.
  39. Avoid researching what your customers want.
  40. Have no web presence.
  41. Live above your means.
  42. Don’t Do.
  43. Abandon your health and just focus on business.
  44. Be indecisive.
  45. Be careless, sloppy and messy.
  46. Dress like a loser.
  47. Don’t shower and have bad grooming habits.
  48. Be easily distracted.
  49. Be unfocused.
  50. Take out high-interest loans.
  51. Think that because you have no money in the bank and are paying back loans that you won’t be taxed.
  52. Be surprised by tax liabilities every year and big expenses.
  53. Create a poor relationship with your bank.
  54. Respond to emails that piss you off immediately.
  55. Miss important filing deadlines.
  56. Be unaware of your surroundings and be unaware.
  57. Drink everything except water. Sleep for less than 8 hours.
  58. Always be arrogant.
  59. Drive without your seatbelt on.
  60. Piss off important people in your industry.
  61. Fly off the handle on social media.
  62. Play the lottery often and go to casinos.
  63. File your taxes under the wrong status or better yet not at all.
  64. Express ingratitude. Don’t say please and thank you.
  65. Hire a Sh*tty bookkeeper our better yet not one at all!
  66. Be negative and focus on how to not do something all the time. Expect different results.

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