1. Poor recordkeeping and administration — hire an in-house bookkeeper
2. Not watching the bank balance — improve bookkeeping and use internet banking to check daily
3. Poor cash and credit management — have good insurance, chase outstanding payments and know monthly expenses
4. No cost controls — set limits on what the business will not pay
5. Spend without forethought — consider a short term micro loan for an infusion of capital for growth
6. Depend on a small number of customers — market and promote to the community
7. Not have a budget — create a workable budget and stick to it
More Articles on Practice Management:
Incorporating Changes at a Medical Practice: 4 Tips
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Medical Malpractice Outlook: 8 Things to Know
