Focus

Lust. Gluttony. Greed. Sloth. Wrath. Envy. Pride. Although you may not have committed any of Christianity's seven deadly sins, you may be guilty of the sins Jay Goltz tells CNNMoney.com are the seven deadly sins business owners make. Goltz employs 110 people at his Chicago-based Artists Frame Service, Chicago Art Source and Jayson Home & Garden and authored The Street-Smart Entrepreneur. The list of business sins is based on his personal experiences as a business owner.

The first sin is sloppy accounting, which Goltz says "is a diagnosis of everything that's right and wrong with your company."

Unrealistic pricing is the second sin. Successful business owners understand their costs and accurately can determine the cost of goods sold.

The third sin is naïve hiring. Goltz cautions against falling too hard for a potential employee before contacting the candidate's former employers.

Fear of firing employees is the fourth sin.

"It's easy to keep mediocre employees around, especially when they are nice and loyal—but it will hurt you sooner or later," Goltz says.

Additionally, failing to set standards for quality control, customer service and your company's public image is a business-owner sin as is failing to have a set of controls in place. These two sins can doom a business, according to Goltz.

The seventh deadly business-owner sin is poor branding.

Goltz states: "In business, you brand yourself every day in a million ways. The real question is whether your branding helps or hurts your bottom line."

During these tough economic times, it's worthwhile to think about your experiences and ask yourself which of the seven deadly business-owner sins you commit. Confessing these sins and taking steps to avoid them in the future can help put your business on the path toward greater success.

Ambika Puniani Bailey is editor of Professional Roofing and NRCA's senior director of communications.