Being a business owner means juggling lots of responsibilities and making tough financial decisions. How can you make sure you’re being smart with your money and avoid running into the red? Here are six common financial mistakes to avoid.
Common financial mistakes for businesses
It's far easier to lose money, then to make it. However, whether just starting out in business or managing a top corporation, clear financials is key to profitability. Unfortunately, most mistakes make a few mistakes along the way.
Here are the most common ones:
- Not having a rainy day fund
- Mixing personal and business finances
- Not planning for tax obligations
- Not having enough insurance
- Being too credit dependent
- Not having organized bookkeeping and budgets
Gain financial clarity from the experts
Focused Energy are outsourced finance, accounting and CFO experts who specialize in small and medium-sized businesses. Contact one of our financial experts for a free consult today and you’ll see the difference right away.