My biggest mistake was spending the money when I earned it. If I could do it all over again, I would keep three months of overhead in the bank. Trust me you’ll need it eventually.
I wish someone told me to get a line of credit when I DIDN’T need it. Banks won’t give you one when you do need it.
I would pay the extra money for auditing (we did audits every three years, reviews on the other two) and then have a systematic way to insure that the recommendations in the management letter were followed.
I would maintain personal control and accounting of corporate cash on a daily basis.
I would not do an ESOP – there are simpler and more effective ways to share ownership with employees.
Pick an acronym common in your industry and ask your accountant if (s)he knows what it means. If they do not, then you are using the wrong accountant.
A huge mistake I made was not having enough in capital reserves for the lean months/years.
We did not plan for retirement/investments. That’s by far our biggest mistake.
Do not take a partner. Money will separate you with at least hard feelings, and at the most a law suit. In my case criminal prosecution of my partner.
Some people do great things all by themselves. Not me. I’ve come to accept that I need a team – or at least a teammate.
The biggest mistake is not putting money (even a little) away for rainy days. We have been in business for 38 years and have always spent as it came in.
Biggest mistake – Left positions in companies due to frustration with my boss,