{"id":20901,"date":"2022-06-22T22:22:29","date_gmt":"2022-06-22T22:22:29","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=20901"},"modified":"2022-08-22T21:26:35","modified_gmt":"2022-08-22T21:26:35","slug":"7-mistakes-that-can-tank-your-business","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/7-mistakes-that-can-tank-your-business\/","title":{"rendered":"7 Mistakes That Can Tank Your Business"},"content":{"rendered":"
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Taking risks is an inevitable aspect of running a business. As the saying goes, \u201cNothing ventured, nothing gained.\u201d<\/span><\/p>\n While taking chances comes with the territory, that doesn\u2019t mean it\u2019s okay for business owners to be careless or reckless. If anything, the high stakes involved mean business owners have an obligation to mitigate risk and practice due diligence as much as possible.<\/span><\/p>\n The truth is every small business owner is only one or two mistakes away from potential failure. While accidents happen and mismanagement is unavoidable, certain mistakes are hard to come back from – if not impossible.<\/span><\/p>\n With this in mind, let\u2019s take a look at seven mistakes that can tank your business:<\/span><\/p>\n Governments around the world are cracking down on the gig economy. Business owners relying on freelancers and independent contractors may discover the government recognizes these workers as traditional employees. Fines and penalties may follow. The solution – especially for companies with a large percentage of overseas workers – is to work with a third-party payroll service. Doing so means <\/span>hiring foreign independent contractors<\/span><\/a> won\u2019t come back to haunt your business. It also means business owners can worry less about pesky payroll problems.<\/span><\/p>\n When it comes to business success, reputation means everything. Companies that mislead customers, create a toxic work environment, and do other shady and unethical things will not last long. People – whether they\u2019re employees or customers – never forget a thing like that. No matter how tempting it might seem, never, ever, allow your company to stoop so low as to cheat and lie in order to churn a profit. If you have to be unethical to succeed, you shouldn\u2019t be in business.<\/span><\/p>\nEmployee misclassification<\/b><\/h2>\n
Unethical practices<\/b><\/h2>\n
Bad accounting<\/b><\/h2>\n