With the first week of March over, April 15th (the Federal Income Tax filing deadline in the US) is only five weeks away. So, in celebration of this scary day, I’ve listed 8 scary things that entrepreneurs do that could destroy their businesses:

1. Some scary entrepreneurs ignore cash flow. Cash flow keeps the business running. It pays the bills and keeps the lights on. By being too generous with credit terms, businesses lose out on cash flow and lose out on opportunities AND operational excellence.

2. Some scary entrepreneurs ignore investing in their own business. In an effort to be profitable, some business owners work hard at earning an income but try to cut corners in their own business. They might buy the cheapest web solution they can find, even though it isn’t what they need. They might buy the cheapest copywriting they can find, even though it doesn’t sell effectively. They might buy in bulk to get a great deal on their products, even though it drives up inventory costs and leads to waste.

3. Some scary entrepreneurs forget the value of their own time. They feel “swamped” with the work of marketing their business or doing the administrative work or following up with customers or finding prospects or closing sales. But they could make so much more money by delegating a number of those responsibilities and focusing in on just a few things they do really well.

4. Some scary entrepreneurs aren’t in social media at all. They wonder who would care that they are eating a ham sandwich for lunch or that they just beat someone else in a game of Bejeweled… and they forget that social media is so much more than announcements and procrastination.

5. Some scary entrepreneurs invest a lot of effort into popular social media platforms without a plan. Sure, they collect Twitter followers or Facebook friends like a kid collects candy on Halloween, but they don’t do anything with them. There’s no engagement. They offer no value. They lose money and time with the mistaken idea that something will happen on its own.

6. Some scary entrepreneurs focus on growth for today and forget about building for tomorrow. They work tirelessly to serve today’s customers but don’t harness their growth to manage it effectively. (Tomorrow they’ll wake up with twice as many orders and no idea how to fill them).

7. Some scary entrepreneurs focus on growth for today and forget about taxes. (Tomorrow, they’ll wake up with a massive tax bill and the tax man or woman knocking on their door).

8. Some scary entrepreneurs lock in to their current business and plow ahead with blinders. They ignore industry trends, social and demographic patterns, or evolving technology. They will realize, far too late, that their customers are buying something else somewhere else.

photo credit: Kevin Lawver