4 Mistakes That Can Cost Your Small Business Money

Small Business Mistakes, 4 Mistakes That Can Cost Your Small Business MoneyWhen you are trying to get your startup off the ground, the last thing that you want to do is lose money. After all, many small businesses are created with a finite amount of cash. This means that if money is wasted, then the business can quickly find itself teetering on the brink of insolvency.

It is far better to avoid small business mistakes that can cost your company money, then to go on making them, time and time again. Here are some mistakes that can cost your small business money.

1. Hanging on to bad ideas

While you are trying to grow your small business, you might be tempted to hang onto an idea that you had. However, if that idea is not helping your bottom line, then it could be causing your business to lose money. It can be difficult to let go of the idea if you think that it is great. However, as the saying goes, “the customer is always right. “

This means that if customers are not responding positively to your idea, then it could be a good time to get rid of it. The longer that you hang onto bad ideas, the more money that your company can lose.

2. Hiring too soon

Employees can be extremely helpful because they can help to share the workload. They can also help to grow the business. However, if you hire too many employees too soon, you may find that you’re spending too much money paying them. If you pay your employees too much money before you grow your revenue stream enough, then this can lead to insolvency. So, you should only hire employees when you can properly afford them.

3. Changing direction too much

Sometimes, it is necessary for a business to pivot and start moving in a different direction. This can happen when a business finds itself approaching a dead end. However, if your business jumpsat every shiny object it sees, and changes direction very frequently, and this can be a very bad thing. This is because it takes time to become a true expert in the field. So changing direction too much and starting over too many times, can be detrimental for your business and cause it to lose money.

4. Spending money on extravagances

If you have just received funding, or if your business has just started to make some decent money, you may be tempted to buy fancy and expensive things for your business. However, if you waste money on unnecessary extravagances, you can cause your business to lose a lot of money.


If your company is losing a lot of money, then it can be significantly harder to achieve long-term success. Avoiding these small business mistakes can help to reduce the amount of money that your company loses.

Karin Jakovljevic

About the author

Karin Jakovljevic

Karin Jakovljevic is the head of marketing at Ximble, a powerful, cloud-based workforce management system, simplifying employee scheduling and time tracking for retailers, restaurants and small businesses.

Success Stories


It was hard to keep Menchie’s young and mostly part-time staff informed about shift changes, until Menchie’s discovered Ximble’s easy-to-use smartphone app.

Fast Fix

Ximble’s easy-to-use scheduling tool allows Fast Fix employees to remotely access shift information, and integrates with their Point of Sale and Payroll systems.

Spry Health

When spreadsheets became too complicated, Spry Health sought simple, cost-effective timekeeping software so they could concentrate on growing their business.

Spirited Gifts

Since switching to Ximble, Spirited Gift no longer struggle with employees turning up at the wrong time, for the wrong shifts.

Re-bath of South Florida

Re-bath required timekeeping software that was simple, flexible, and that could grow with their business.


When they outgrew their own internal system, Vastrm chose Ximble to track their part-time and contracted employees, both in and out of the office.

Excellence Martial Arts

All that Excellence Martial Arts were looking for was basic employee timetracking, with payroll reporting. Ximble’s cost-effective software was the ideal solution.

Collab Inc

Manual timesheets were a poor fit for Collab, and with no easy to feed the data into Gusto they began looking for a viable solution to their scheduling and time tracking headaches.

Carolina Moves

Follow Carolina Moves’ journey as they transitioned from using an archaic time tracking and data entry methods to using something that could optimize their processes and integrate with Gusto.

Bearings Bike Shop

Read how inaccurate time keeping methods forced Bearing Bike Shop to approximate working hours leading to significant losses over the year, until implementing Ximble.

Mermaid Life Chameleon

Needing a simplistic solution to their scheduling and time tracking needs, Mermaid Life didn’t want a solution that would over deliver and overcharge for what they required.

Krein Knives

Outgrowing spreadsheets, Krein Knives now needed a time tracking solution that could accurately track irregular working hours and automate as much of the administrative process as possible.


Looking for automation and simplicity, Garmentory turned towards Ximble in hopes of resolving their time tracking woes.


With their eyes set on rapid growth, Novvia needed to implement a scheduling solution that could effectively scale as the business grew while integrating with the existing payroll system.


Discover how Story2 resolved their time tracking and payroll problems by implementing Ximble into their arsenal of tools and integrating it with their payroll platform, Gusto.

CareCentric Pty Ltd

Spreadsheets lacked the scalability and flexibility that CareCentric Pty Ltd needed as they grew and needed something that would be responsive to their changing needs.

Bou Cou Dancewear

Struggling with varying availability of staff, scheduling for multiple store fronts and managing payroll, Bou Cou Danceware needed a solution to their scheduling and time tracking needs.

Best Pets Veterinary Hospital

Constantly fighting wasted time from data entry errors, outdated methods of scheduling and time tracking were taking their toll. Discover how Ximble helps them overcome their challenges.

Hook SEO

Read how Ximble helped Hook SEO with their time tracking and scheduling problem when they noticed too much time was being wasted on data entry.

National Strategic

After a rapid increase of employees, National Strategic’s dependence on spreadsheets for time tracking was no longer viable. Find out how Ximble solved their problems.

miR Diagnostics

Find out how miR Diagnostics implemented Ximble’s time tracking features for their employees and how it improved their payroll operations through the Gusto integration.

Followell Fotography

Effective time tracking in and out of the office and Gusto integration was important for this photography company. Find out how Ximble stepped up to meet the challenge.


Ximble provided an inexpensive and user friendly solution to CARP’s time tracking and Gusto integration needs. Find what won them over and how it bettered their operations.


Discover how the time tracking and extensive feature of Ximble helped improve ILKB’s operations with the Gusto integrations and ximbleChat platform without breaking the bank.


A tech savvy company that integrates technology into your offices and homes. With their skill and knowledge, they turn your ideas into reality.

Wise Owl Animal Hospital

An animal hospital that combines traditional and modern medicine to provide superior animal care. They raise awareness and provide advice on excellent pet care.

Armstrong Property Management

A property management consulting that specializes in home real-estate. They offer an abundance of services to property owners.


A restaurant consulting company that helps you take your business to the next level. With the best advisors, they can help you expand your business.

Liquid Consulting

A consulting company that strives to become your food processing partner. Comprised of skilled technicians and employees to improve your business.


Learn how TouchSupport was able to manage employees at multiple locations with ease and save 8 hours a week by using Ximble.

Alta Animal Hospital

Find out how Alta Animal Hospital do away with printed shift calendars and move to a 100% mobile platform.


Read how Ximble helps Montefiore eliminate the need for multiple spreadsheets and calendars.

Rudy’s Pub & Grill

By utilizing Ximble, Rudy’s Pub & Grill has seen a 60% decrease in missed shift from schedule confusion.

Try Ximble for 14 days free

No credit card required. Cancel any time.