EP009 Biggest Mistakes Small Business Owners Make When Growing Their Companies

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:

1. Monitor your numbers frequently.
2. Produce not only an income statement, but also cashflow forecasts.
3. Develop relationships with lending institutions early.

 

 

 

Rate, Share & Inspire Other Young Millionaires-in-the-Making

 

Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!

 

Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.
Check out this episode!