Six biggest lessons learned by small businesses: and how to apply them to your business.

• Author: Stewart, Bond
• Position: FINANCIAL SERVICES

Chances are you have read plenty of advice about how to run a business. It's easy to find helpful hints and inspiring success stories. But what about the mistakes you should take care to avoid?

As a banker I've seen well-intentioned, capable small business owners face some of the same challenges in a wide range of fields. To help you learn from their experiences, I'd like to share with you the six biggest lessons these business owners have revealed to us. Each of the six missteps are preventable, from strategic decision-making to everyday banking.

(1) Going it alone.

Some entrepreneurs trust only themselves, a partner, or a spouse when facing key decisions. However, it's best to include at least three other people in your decision-making: an attorney, a CPA, and a financial adviser or banker. This team of advisers should be dedicated to helping you succeed and communicating with each other to accomplish this goal. Without their specialized expertise you may not have the experience you need to understand all your options and choose the right path.

(2) Wearing all the hats.

"If you want something done right, you have to do it yourself" may sometimes be true, and for a cash-strapped start-up it's certainly cheaper. But as your business grows, it's essential to get help. Responsibilities such as bookkeeping, taxes and payroll take up time you could spend serving your customers. Even more importantly, getting them wrong can be dangerous. Hiring a professional not only helps prevent errors, but shifts much of the risk to someone else.

(3) Keeping your head down.

Focus and dedication are watchwords for the successful entrepreneur. But business owners also need to make time to seek wisdom in the wider world. For example, some business owners may not be aware that there's a fairly simple way to get their website ranked higher on Internet searches. If you are seeking wisdom every day this is the kind of useful information you will find. Research and planning for the future can seem like secondary concerns, especially when you're not sure where to go for information. Whether your quest for knowledge includes online research, trade shows, Chamber meetings, or networking with peers, it's a vital investment to make. Otherwise you risk missing out on ways to improve your business, such as funding opportunities for small businesses or educational resources to help you tackle tomorrow's challenges.

(4) Running lean on cash.

Small businesses need at least...