Many entrepreneurs believe they can do it all, but what they may not know is that by trying to wear as many hats as possible, they are putting their small business at risk. Recent research from a small business insurance company showed 56 percent of entrepreneurs lack knowledge in legal matters, while 36 percent don’t know how to properly file their taxes.
Investing in help may not always be the worst thing. According to the survey, 64 percent of small business owners believe legal matters should be handled by a professional. While all entrepreneurs should protect themselves with liability insurance in case errors occur while doing paperwork, they should also make sure they have staff knowledgeable in a wide range of areas.
“It is important that small business owners recognize where professional expertise is imperative,” said Kevin Kerridge, small business insurance expert. “Hiring or contracting support for technical sides of running a business can save them money in the long run.”
The survey demonstrated small business owners are doing many administrative tasks that are taking away from their ability to focus on the enterprise with 83 percent saying they order office supplies and 80 percent admitting to taking care of filing for their business.
