Running a small business is tough because the buck stops at you for absolutely everything. The difference between success and failure can be a fine line. A small mistake in the first two years can knock a small business owner for six whilst a large new customer can propel you very quickly to new horizons.
Small business owners need to deal with all aspects of the business from book keeping, marketing, innovation, distribution, finance and customers that refuse to pay. Large companies have a separate department for each of the above tasks.
If you make a mistake in your record keeping the Inland Revenue comes knocking on your door. They work on the rule that you have read all their pamphlets and do not class ignorance as a defence. What a bunch of losers!
Countless sleepless nights, arguments with bank managers, disputes with suppliers and angry customers can all lead to stress overload.
And this is just the start, especially if you have gone into business with a friend! Make sure that everything you have agreed on is in writing so that further down the road there are no disputes about what was agreed. Better still do not go into business with a...
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