Cash is the lifeline of any business, but for startups, that lifeline is more important than ever. One screw up in the financial department, and there may not be a resuscitation. Without a proper financial plan, there’s no way you’ll be able to continue to see growth, no matter how great of a product you have or service you have.
Even the best of businesses will eventually reach their demise if they don’t take heed of best financial practices for startups. An estimated 90% of startups fail. To avoid becoming another startup statistic, here are five financial mistakes to avoid:
1) Moving At A Slow Pace
Startups are characterized by their ability to run lean, agile machines. Small businesses that run like slow corporations can run out of money––fast. It may be tempting to take the “slow and steady” approach when you’re just launching, but running the business that way for too lon
5 Financial Mistakes To Avoid With Your Startup
With a lot of people working hard to pay their bills, and often having no money left over for personal rewards, let alone substantial savings, putting extra money into savings can be a tough task to fulfil. However, it’s important to remember that even the tiniest amount — even if it’s $5 a month — will all eventually add up, and be better than nothing. Here are 4 tips to get you started on a better savings path. Get Out of Any Debt First There is no point planning to put money into your savings if you have a backlog of debt, no matter how small. Although any form of savings is a positive, it’s much better to use any extra money to clear debt in order to get straight with your finances and avoid paying extra due to interest charges. As soon as debt is cleared, the monthly amount you usually pay in minimum debt payments can then be a bonus for your savings pot. If any de 4 Tips for Increasing Your Personal Savings
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