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Three financial mistakes businesses make and how to avoid them

I am an avid follower of Dave Ramsey. His EntreLeadership program is excellent and his financial peace program has helped thousands of families get out of debt. Here are a few of the preventive measures for your business that Dave teaches in his EntreLeadership Master Series but you can apply these ideas to your personal life as well.

Ask any business owner, and they'll tell you. One of the best ways to gain knowledge and skills is by making big, fat, whopping mistakes. Lessons learned are what make us stronger, smarter and resilient.1 Let's start with accounting. At heart, we're all brave warriors who work long hours, fight the competition, and make any sacrifice to succeed. That is ... until it comes to accounting. Then, most of us would rather have a tooth drilled without Novocain.Unfortunately, it's about the biggest business mistake you can make.Dave, too, dislikes accounting. But he loves the control and awareness it gives him."I don't care how much you hate diving into the numbers, business owners who don't stay on top of their accounting fail and close up shop."2Don't forget to pay your taxes. If there is anyone, and we mean anyone, you do not want to mess with, it's the tax man. He will always get paid, even when you don't. You should have a monthly tax-savings account, where you can set aside 25 percent of your profits to pay your quarterly IRS estimates. Treat the money in that account as untouchable. The same holds true for payroll/sales taxes. Don't borrow from them to operate, because you'll never catch up. Add severe penalties and interest, and you can count yourself gone.3Avoid the toys. Once your company begins making a decent profit, it's easy to fall into the trap of needing the latest gadget or electronic gizmo - all in the name of increased productivity, profit or client approval.The most successful businesses don't buy nicer things and toys without surplus funds. They never go into debt for them. "No deal was ever made or lost based on the style of couch in the reception area," Dave says. "That is ego."These suggestions are just a few of the many principles needed to successfully run a business. Make time to keep your financial house in order, and you will always reap the rewards.If you are looking to expand or relocate your business, need help with marketing, training on bookkeeping software or financial assistance, The Carbon Chamber and Economic Development Corp. is here to help. We have two offices conveniently located in Lehighton and Albrightsville. Contact us today and take the next step to grow or start your business. Check out our website at

www.CarbonCountyChamber.org.Want to learn more about Dave Ramsey and EntreLeadership along with his other financial assistance programs? Go to his website at

www.daveramsey.com. (Portions of this article are taken from Dave Ramsey's blog posts).