What do revolutionary companies like Amazon, Apple and Google have in common? They all started in garages.

Unknown to many, while those companies are now considered titans in the business world, they all started out small.

That being said, even if you are considered a bit player in the business, with determination, the right know-how and some luck thrown in, you will surely earn your rightful place among the industry giants.

However before you dive in head first, you need to keep in mind that it takes more than just knowledge on the different types of business structures to succeed in a competitive industry. Equally as important is knowing the costly mistakes to avoid so you can steer your business in the right direction.

Below are some of the most prevalent gaffes small businesses need to avoid.

Manifesting weak leadership

• The success of your company is highly dependent on one very critical factor – your leadership. Bear in mind that being an effective leader does not mean you need to be an authoritarian.  However, it does not also mean you have to be everyone’s buddy either.
• In essence, great leadership entails effectively setting the company’s course, while inspiring everyone on your team to move with you on to the next level.

Establishing financial goals that are unrealistic

• Making your mark in the business world is no easy feat. The temptation to get ahead of yourself will always be there. However, it pays to remember you will be setting yourself up for disappointment if you spread yourself too thin. Know your priorities so you can tackle them according to importance.
• At all times, set time-specific, realistic, accountable, measurable and specific goals. Not only will this ensure lasting headway, but, more importantly, it will also increase your chances of making it big in 10 to 15 years.

Not having a clear and consistent marketing strategy

• In a world where competition is very stiff, any edge you can get will make a huge difference. Be a step ahead of the competition by always presenting a clear and consistent message on all fronts when it comes to the products or services you are offering.
• In the business world, you often only have one opportunity to make a favourable first impression. That being said, it’s crucial for current clients and new prospects alike to have a clear idea of what your business is all about and how they can benefit from what you have to offer.

 Not taking advantage of the power to delegate

• Trying to do everything on their own is a prevalent mistake many novice entrepreneurs commit. While doing everything on your own might sound like a practical notion, it is often not advisable. In essence, it will work to your advantage more if you delegate areas you are not adept at, so you can channel your energy on areas that will require your expertise.
• While business success can be credited to a lot of factors, exploiting strengths is a common foundation many entrepreneurs build their businesses on. In line with this, you need to identify areas you can tackle and delegate tasks to people who can do it better.

Not providing exemplary customer service

• In the business realm, good customer service is often not enough. If you want to be successful, you have to be prepared to render service that is deemed ‘beyond industry standards’.
• Providing exceptional customer service will do more than just set you apart from your competitors. It also comes with other benefits that are hard to miss such as: increased customer satisfaction, customer loyalty and repeat business, among others.

In the business world, it pays to keep in mind the right moves to employ, alongside the typical and costly mistakes to avoid. If you strike the right balance, it will only be a matter of time before you also become a force to reckon with in the business world.

Accounting Errors that Jeopardize your Business

Accounting errors can hold up your business’s development and shake its foundations. Sadly, errors are easy to make, particularly among start – ups.

Error #1: Fail to successfully manage the receivables

Every time you issue an invoice, a certain receivable is logged, reminding you that one of your clients owes you a certain amount of money. When you are eventually paid by your client, the receivable should be erased from your list or marked as paid. Evidently, this is the tricky part, not because it’s so difficult, but mostly due to lack of time during the day or the week. Such negligence, however, could cause serious trouble.

The businessman finds himself during the tax period overwhelmed by numerous client deposits and a list of receivables that need some serious thinkingin order to be reconciled. As a result, you spendwhole daysstriving to understand what goes where, overpaying your taxes and testing your patience.

The solution? Make a habit of staying on top of your receivables by applyingcustomer deposits to invoices every single week, or at least every month.

Error #2: fail to properly order your receipts

That’s a rather common mistake that often leads to variety of tax, accounting, and cash flow trouble. Did you ever find yourself checking your bank account statement and not have the foggiest idea what that 50.00Euros were all about? Without the corresponding receipt with all the necessary information about your purchase, a false tax expenses report and a subsequent a high tax bill is more than possible.

The solution is simple: make a habit of savingevery single receipt, irrespectiveof the sum. It may seem kind of irritating, but you can make it easier and faster by

• using your business bank or credit card solely for your business purchases;
• having always with you have an envelope for storing all your business receipts rather thantossing them in your drawer, wallet, or even worse, in your bin;
• every month or week, devote some time to check the receipts in your envelope and file them in a respective folder or savethem in digitized form in your cloud.

Error #3: fail to log cash expenses

Monitoring all expenses related to their business’s operation is essential for the owner, becauseall that money should be subtracted from their overall income at the end of the year. In addition, that habit will help the owner geta better understanding of the company’s annual profits.

It’s not difficult to missseveral expenses paid with cash. Sadly, quite often these expenses are never loggedand, hence, are easily forgotten. That leads to overstated income when tax time comes.

Therefore, make sure you find a way to recordsuch purchases in cash.

Error #4: not getting some professional help

Small business owners frequentlystrive to cut off expenses by doing their taxes just by themselves. However, without some professional help, problems are unavoidable. For example, you’ll probably losenumerous deductions you are eligible for, or underpay your taxes — something that always results to getting fined.

Asking a tax professional to help ensures expert accounting and tax services and wise guidance that are invaluable for your small business. Several agencies specialize in small business accounting services. They will properly inform you about any changes regarding taxationand tell how to avoid possible tax hikes.

Getting some professional tax and accounting services will also reduce your overall accounting services costs. Also having a second, and more experienced, look in your books is always prudent, particularly regarding taxation.

Error #5: fail to understand what on earth your accountant means

That’s another common problem. Your accountant uses words and phrases you have never heard of and you feel too embarrassed to make any questions.

You are a businessman and not an accountant.Hence, you are not required to know all these accounting and tax services terminology. If you knew all that, why hire a professional bookkeeper in the first place? Explaining all these buzzwords in simple terms is part of his work.

In short, only when you and your finance professional fully understand each other you are considered partners.

Lastly, it’s important to consult professional accountants that have the essential experience and knowledge to help your business. Don’t limit your options in your country only. Make sure you explore opportunities in different countries that can offer more lucrative benefits. A great example is the island of Cyprus which is well-known for its high quality accounting services and trustworthy consultants. Find out more about accounting and business consultancy in Cyprus.