I often do in entrepreneur, the micro-manage of their businesses on the small irrelevant stuff and then not properly monitor business tasks and roles that require the highest attention to detail.
Small companies have always run "lean and mean." With a small management team, you have to carry more than a hat at a time. She could as the next CEO a day and controller will act at the always wear your chief sales officer hat. This can be a good way to save administrative costs, but be careful you. There are many "tasks", which can be delegated and some that just should not be. If you are the owner, keep in mind that no matter what someone on your staff says or does, you are ultimately responsible for the decision. It is your signature on the contracts and your personal guarantee for loans and leases. Not even consider your company's reputation, potential for growth or lost opportunities when things go wrong.
I am a great believer in the delegate tasks. Always a loan in the Bank or any other form of financing includes, for example, much paperwork. It is usually a large list of documents that need to be prepared and delivered to the lender. But it is your responsibility to ensure that as soon as you each check the documents collect before you leave your Office.
In the last few months I have company damage when applying for loans from under citing employees too much and seen not with good supervision. Here are some examples of what wrong can go:
Management title not matching on all loan documents. If you are a CEO and controller, you decide what your official title, fill out all applications. Send documents that you have listed as CEO on a document, and listed as CEO on another, someone else is a red flag for each lender.
Get a new loan must have a "use of resources"-statement. Make sure that all necessary means and what it for listed have. Make sure that the funding source against is lending the guidelines of what. If you $XX for "Goodwill" put down, and the lending will give a source only to hard assets, your document created problems.
Personal financial statements must be signed for 90 days after submission. I have many loan applicant re-date only the document. That's fine if has nothing changed, but it is a good chance, things have. Re read you the document completely in detail before the resignation. In some situations can to pledge to you, if any additional personal security for a loan. If you list a larger amount of money as cash and they are reserved for pay control, could, the an obstacle created are approved in your loan. If your"reserved personal financial assets," to give.
All contracts read, before you to sign, and they then read. If you don't understand something, contact your trusted advisors (Attorney, CPA, banker, business coach) for help. If you think that you understand the contract, you explain back to your consultant only to ensure that you really understand all the details. Neglecting a small detail or it says wrong costs could you thousands potentially $.
Remember: no matter how long someone for you has worked or makes any mistakes as they are. Make sure that someone else not cost error you or your company.
Sam Thacker is a partner in Austin Texas-based business finance solutions
Direct E-Mail: sam@lesliethacker.com
Twitter: @ SMBFinance
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