Even the best-laid plans have the potential to go awry, and the financial plan you have for your company is no exception.

You may be confident that you've considered all possible expenditures. However, it's still likely that you underestimated the cost the company will absorb, which is a leading cause of small business failure. At a time when many startups are losing the battle to survive in less than ideal conditions, you don't want to take any extra risks – after all, keeping your business solvent in an adverse economy is hard enough as it is.

Here's a list of five common costs associated with running a small business that entrepreneurs often fail to take into account:

1) Shipping costs

Although offering shipping can be a powerful draw for customers who are unwilling or unable to pick up a product at one of your brick-and-mortar locations, a perk you probably put in place to boost revenues could actually end up doing the opposite. Expenses related to shipping errors can add up fast, so make sure your finances are robust enough to absorb the impact.

2) Paralytic decision-making

As a small business owner, it's important to recognize that conditions are rarely going to be optimal for you to launch your new product or roll out a revamped marketing campaign. In fact, perfectionism and high standards may actually have a negative effect on your company in the long run if it prevents you from making decisions and moving forward with projects. Recognize that there's a difference between strategizing about sales and making actual sales. It's definitely advisable to be well-prepared before leaping into a new venture, but there comes a time when you need to allow new initiatives to move through the pipeline rather than delaying progress with unnecessary dithering.

3) Licenses and permits

The cost of licenses and permits your company requires in order to do business will obviously fluctuate depending on the industry you're in and the location of the enterprise. The fees might be nominal for some fields, but failure to factor in costs and renewal schedules can lead to huge monetary discrepancies – for example, liquor licenses in some states can set you back thousands of dollars.

4) Legal costs

Entrepreneurs tend not to dwell on the idea that they might need legal representation, as this conjures up unpleasant notions of lawsuits and courtrooms. Unfortunately, you might need a lawyer for those types of purposes, but even if you don't, it's still good to have someone on call to help you out with more run-of-the-mill issues such as writing contracts and producing legally binding employee paperwork. Legal fees can accumulate quickly even when all you're looking for is some basic guidance, so be sure to do your research and don't be afraid to negotiate fees upfront.

5) Equipment

Whether you're outfitting your new company with furniture and electronics or simply planning for unavoidable expenses related to the maintenance or replacement of equipment already on your balance sheet, don't forget to factor equipment-related costs into your budget. Additionally, while it can be tempting to buy the first item you see – especially if you need an immediate replacement – taking the time to research your options and zero in on the best deal will be more beneficial in the long run.

If you're feeling overwhelmed, why not consult a community bank like My Bank for some financial tips? Drop by your local branch, call us at 1-888-mybank4, visit mybank4.com or even tweet us at @MyBank.