Every business is started to fill a need or solve a problem; problems or needs that the business owner or entrepreneur has the necessary skills and expertise to fulfill. Business owners often stumble over their own problems in their efforts, especially when it comes to making financial mistakes.
According to the U.S. Bureau of Labor Statistics, research in 2021 showed that about 20% of small businesses fail within the first year, and 50% fail within the first five years. Most of these failures happen because of financial mistakes, whether itâ€™s cash flow allocation or financial management.
To help avoid financial mistakes, weâ€™re giving some advice to help your business steer clear of the most common mistakes that others have made in the past. (Courtesy of Success.com)