Are you selling more than ever before, but finding that you have no money in your bank account to pay your business expenses? Are you overdrawing on your bank account or line of credit? Perhaps you’re struggling to pay your suppliers in a timely manner which is resulting in delayed shipments. Maybe you’re receiving calls or letters in the mail regarding overdue bills.
On today’s episode, I’m sharing the three biggest financial mistakes that many small businesses make when growing their companies. I also share tips on how to avoid these critical mistakes so you can grow your business successfully.
“It’s hard to run a business when you don’t know what’s happening from a financial perspective.” – Tracey Bissett
This Week on Young Money:
- How not focusing on the numbers can impact the growth of your small business
- Understanding the difference between profit/income and cash flow from a business and personal standpoint
- Understanding the importance of building a relationship with a lending institution early in your business
Success Tips for Growing Companies:
- Monitor your numbers frequently.
- Produce not only an income statement, but also cashflow forecasts.
- Develop relationships with lending institutions early.
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