LUBBOCK, Texas, June 1, 2012 /PRNewswire/ -- Few know better than the boss - it truly can be lonely at the top. When it comes to the health of the business - there's only one person to thank or to blame.
"Business owners generally are most focused on what their business does, and rightfully so," said Scott Maples, CLTC, a business continuation consultant with PFG Advisors of Lubbock. "However, with that come some common business mistakes."
Maples, who works daily with business owners on comprehensive business solutions, explained there are six common thoughts, and if business owners are thinking them - maybe it's time for re-evaluation:
- I know what my business is worth.
"So many business owners think they know," Maples said. "But that's easier said than really understood - especially in today's uncertain economy."
- I'm too busy running my company.
"This one is so common of business owners," he said. "It's understandable to be focused on the company and not on the developing strategies for business transition at key points in the life cycle or under distressed scenarios. If you get too far away from it, trouble can creep in."
- That'll never happen to me.
"Never say never. It's that simple. And you simply have to plan for the 'what ifs.'"
- There's plenty of time for that.
"Just like the 'never say never,' if there's not a plan in place now - you'll be doomed if something unexpected happens."
- My business is my retirement.
"That sounds good on paper, but there's so much more to it," Maples said. "The whole idea is having a solid plan in place so you can best transition into retirement."
- You can't beat Uncle Sam.
"You can't avoid tax law," he said. "However, there are multiple tax savings strategies that are available to business owners - and owners should be made aware of them."
CONTACT: Kim Davis, (806) 544-4255
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SOURCE PFG Advisors