Businesses have a better chance of making it through the tough first years if they can forecast things like cash flow and expenses, while also putting contingency plans in place for things they can’t forecast – like unexpected financial knocks or insurance-related events.
Yet many small businesses make the same mistakes early on that come back to haunt them a few years later. This is because, of all the roles that business owners take on, managing their finances and being diligent about record-keeping are among the most challenging.
While one big financial event can result in business failure, the accumulation of small bad decisions can also bring a business to its knees.
Here are some financial pitfalls small business owners should avoid at all costs.
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