EP09 Biggest Mistakes Small Business Owners Make When Growing Their Companies
b'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\\u2019re struggling to pay your suppliers in a timely manner which is resulting in delayed shipments. Maybe you\\u2019re receiving calls or letters in the mail regarding overdue bills. On today\\u2019s episode, I\\u2019m 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. \\xa0
\\u201cIt\\u2019s hard to run a business when you don\\u2019t know what\\u2019s happening from a financial perspective.\\u201d - Tracey Bissett
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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
- Monitor your numbers frequently.
- Produce not only an income statement, but also cashflow forecasts.
- Develop relationships with lending institutions early.
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