After viewing the financial crisis that we, as the United States, are in, I came to the conclusion that the management just doesn't know any better, or simply does not care. Can you as a manager or owner afford to not care? In light of the current situation, I felt it best to point to areas where management often comes up short.

A common place where small business owners come up short on is lack of accounting knowledge.

An innocent scenario is when the owner may simply not know how to keep track of how the money is going in and out [transactions]. This can be resolved two ways:

• The cheaper way: brushing up on some reading material.
• The more expensive way: handing off your numbers to an accountant.

In a more troubled scenario, the owner spends the company funds on personal perks or things not related to business operations. The reason why this is a problem is that, if this keeps the business from functioning, or if you can not pay your bills or employees, you risk going to jail. Also, owners and managers should be aware of the numbers and where money is at all times, because employees can and will take money (or other assets) if they are not accounted for.

Company property (money and other assets) need to be kept in check at all times.

If you are not sure about what good accounting practices are, or simply want to learn more about how to keep your numbers squeaky clean, I would recommend these readings [on the right].

I have chosen to break this part up into sections of its own:

• Neglecting Marketing

Some small businesses just outright neglect the importance of marketing. They may think that since they are on a road, and that they have a sign that cars can see as they pass by, that this will assure them a steady customer base. If you are a restaurant or some other food-service provider, you got a pretty good shot of keeping a steady customer base, because food, in marketing terms, is a "commodity." Your customers are not going to be very discriminating when it comes to where they purchase milk, or where they go out to eat. However, if you are dealing in "luxury goods" or "niche goods" your business will fall flat on its face if you do not consider marketing.

• Failure to Make a Website

I did a study in one of my graduate classes about a daycare company that wasn't meeting growth expectations. When we got the case for it, the notes indicated that this company didn't have a website. I was shocked. With a website you can target your audience and get yourself indexed online by region. This would serve you better than any newspaper, because people are actually searching for you.

If you do not know how to make a website, or you have a fear of it, I have included books in this section that you can read to help get you up and running.

• False Advertisement

The product should perform as advertised. If you advertise that your product can turn butter into croutons, it better do this. If your product can make someone wealthy, it better perform as promised. Do you like being cheated? Neither does anyone else.

• Failure to Brand Effectively

I go down the road, and I see a sign that says "Joe's bakery". I know when I set foot in that store, I will find baked goods in that store. If I do not, there is something terribly wrong. Branding is in the name and the logo (of which can be the same thing). In the case of Joe's bakery, I know two things: the owner's name is Joe, and that he runs a bakery.

A blunder I see happen with service companies - such as consultancies - is the use of an acronym for the company name (or brand). Using acronyms doesn't help you or the customer. Unless your acronym has attained national recognition (like MCI or ING), we, as you customers, do not know who you are, or what you are about. Another blunder behind service companies is naming businesses something that is unrelated to what is sold, but sounds "technological" or "fast paced" or "edgy."

So, what is a good name to choose?

Consider the following example: I made a blog, and I wanted to talk about my interest in four panel dancing games (like Dance Dance Revolution) without using Dance Dance Revolution in the title. Just because Dance Dance Revolution is the most common one known, doesn't mean I have to use the name. If I go with a name with Dance Dance Revolution in it, I run the risk of attracting viewers only interested in Dance Dance Revolution. So, taking this into consideration, I named the blog "Stomping Grounds." I know that anyone interested in anything involving dance games would get the idea behind the title, because they know what stomping is, and have a familiarity with dance gaming.

• Failure to Set a Marketing Budget

This and the accounting section have something in common. If you want to start a marketing campaign, you need to assemble a marketing budget and stick to it. A good way to get a foot hold on what your marketing budget is to make a "marketing plan." I have included references that can help you make a marketing plan.

• Failure to use Effective Surveying

Surveys are a great way to learn more about your customer and your market. Unfortunately, not all companies use this tool. There are others that make use of it (some even large companies) that do not get information that is worthwhile. If you are considering the strength of your surveys, ask yourself a few questions:

1. Do the customers care enough to give feedback?
2. What is the incentive for the customer to answer your surveys truthfully?
3. What long term benefits do you and the customer gain from surveying?

These are worthy of being their own subjects, but for the sake of not letting this article get too out of control, I will list them in bullet point:

• Social Responsibility
• Discrimination
• Patent Trolling
• Global Standards
• Business Intel