“The 7 Most Common Money Mistakes That Entrepreneurs Make” article by Mike Michalowicz points out various mistakes that professional advisors see all the time.
Entrepreneurs typically are in a hurry to open their business but forget to do the proper planning or to line up enough capital. As the article points out in the tax avoidance section, an accountant may seem like a luxury to a start up business; however they do in fact save your business money over time.
While the article is good it does not discuss the 4 D’s: death, divorce, disability and disinterest. The 4 D’s can be just as harmful to your business, especially if there are multiple owners or partners. You can however reduce the effect that the 4 D’s have on your business by having shareholder or operating agreements in place. These agreements will spell out how the business will resolve the 4 D’s when they occur.
To access the article copy & paste the following address into your web browser.
http://www.openforum.com/articles/the-7-most-common-money-mistakes-that-entrepreneurs-make
