You’re Not A Failure Because of What You Didn’t Know
Yikes! This is a tough one and pretty common among busy business owners who find themselves wearing hats they did not expect when they first opened their doors.
I often get clients that feel like failures because:
Their books are a mess.
They didn’t know requirements for their business type.
They didn’t know all the payroll rules.
Do any of these sound like you? Sometimes you just don’t know, and your business is suffering because of it. It’s quite common to feel this way. Even worse, we are our own worst critics.
So instead, I am going to show you why this is common among many business owners. How we find ourselves feeling like a failure, but with reassurance that success is right around the corner.
Common Problems
Fail
Succeed
Your books are a mess
Continue to operate without good bookkeeping
Learn how or find a bookkeeper
You’re past due on insurance audits
Continue to ignore the problem and get your insurance cancelled
Call the audit department and have them walk you through the process or hire a bookkeeper
You don’t know how to do payroll and everything is a mess
Continue to pay all your employees as casual labor which will get you into hot water with unemployment, worker’s comp & the IRS
Hire a bookkeeper or payroll company to take care of everything for you
You set your business entity up wrong or aren’t aware of the requirements
Continue to operate in the dark until a problem arises
Hire an attorney
You don’t know what insurance coverage you need
Continue to operate without insurance and hope nothing happens that could make you lose your business
Meet with an insurance agent and have them guide you
You’ve set your business up as an S Corp but haven’t taken payroll
Continue to run your business while only taking draws and get into trouble with the IRS
Hire a bookkeeper or payroll company and put yourself on payroll at a reasonable salary
You’re behind on tax returns
Continue until the IRS is knocking on your door
Hire a bookkeeper to make sure your books are right and a CPA to get those returns filed
Most new business owners do not know all the ins and outs of the business they’re starting - and it’s no wonder, a lot of your education comes from learning as you go!
Your success as a business owner will be determined by how quickly you work to fix a problem rather than ignoring it. You can’t grow or profit from ignoring areas of your business that could put you under.
In this day and age there are plenty of resources to find the answers from Google to YouTube. You can also purchase courses that relate to your business or seek out consulting services.
If you are currently encountering problems in your business, don’t ignore them. Take immediate action for the possibility of greater success.
