Despite all that has been written over the years about avoiding the most common investing mistakes (including the ones I wrote about recently) many of us seem to make the same ones over and over again.Since my column on unfortunate investing mistakes appeared, I’ve heard from a number of readers reminding me there are plenty of others that I should have mentioned. Here are seven more:1.         Hanging on Too LongWhat was a good investment when you bought it may not be a good investment today. The financial world is in a constant state of flux so it’s important to

Credit is the oil that lubricates the machinery of business. Whether it’s a loan to buy supplies, equipment, meet payroll, fund a new franchise or other operating expenses, credit will likely be a part of the transaction.Unfortunately, the upheaval in today’s economy has resulted in a credit crunch that seems to have made it tougher than ever for business owners to swing a loan.Still, for those in the know, there are enough options available to make the task a little easier. Money may be tight, but business loans are being made every day to those who know how to

Profit leaks lurk deep inside almost every service business, silently draining off hard-earned dollars. Nowhere is this truer than in a highly specialized service such as fast lubes. Some are harder to detect than others; some far more damaging than others. Together, they can form a major obstacle on the road to optimum profits.Here are eight steps you can take right now to straighten the path to a consistently healthy bottom line in 2016 and years to come:1.         Polish your image.Because of the personal nature of service businesses, trust tends to play a bigger role in the selection of

It’s too late to do anything about 2015 taxes, but now is the best time to minimize Uncle Sam’s bite out of your income for 2016.If you’re like many busy business owners, you don’t pay much attention to income taxes until the filing deadline looms.“That can be a costly mistake,” said public accountant, Jay Blumenthal of Abington, Pennsylvania. “One of the most effective ways to pare your business as well as personal income taxes to the legal minimum is to make tax planning a year-long effort.”CPA Genevia Gee Fulbright agreed.“Proactive tax advisors suggest you take an active role in

It’s a dreadful responsibility, but almost every business owner and manager eventually comes face-to-face with terminating one or more employees. “Firing people is one of the toughest, most unpleasant things you do as an employer,” said author James Walsh in his book, “Rightful Termination.” “Your stomach tightens and your throat gets dry as you prepare to call someone in for the meeting that begins with, ‘There’s no easy way for me to do this.’”As difficult as the task may be, fiscal reality sometimes makes employee layoffs unavoidable. When your payroll ratio climbs to unacceptable levels, or when an individual employee’s

On the surface, it appears to be a routine chore. You have a job to fill, so you must interview the applicants and select the most promising. In truth, interviewing job candidates today is far from a routine task.One of the toughest issues to resolve with new hires, especially in a service business, is measuring the applicant’s relevant skills. How can you tell if a prospective employee has the level of experience and dedication that you require for your shop?You’ve probably developed your own methods for measuring hard skills in new applicants. Still, it’s important to remember, there are