Did you know that more than 30% of small businesses fail due to poor financial management? During the course of your business day, it’s very easy to let the financial management of your business take a back seat. This, however, risks the stability and success of your business.
As yourself these questions to determine if you are realistic about your business expenses:
#1 How is your cash flow? Cash flow is the single most important aspect to keep a business afloat. Cash flow is essentially how much money you have coming in and out of your business each month. It is income minus expenses. Many small businesses fail because they consistently have more monthly expenses than income. If you have a problem in this area, start using an accounting software to track expenses and pay your bills as late as possible without incurring penalties.
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As yourself these questions to determine if you are realistic about your business expenses:
#1 How is your cash flow? Cash flow is the single most important aspect to keep a business afloat. Cash flow is essentially how much money you have coming in and out of your business each month. It is income minus expenses. Many small businesses fail because they consistently have more monthly expenses than income. If you have a problem in this area, start using an accounting software to track expenses and pay your bills as late as possible without incurring penalties.
Read more...
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