How To
3 Worst Financial Mistakes Every Small Entrepreneur Must Avoid
It is quite often that small entrepreneur who end up making small mistakes which in the future turn out to be messy. The fact is that, if you are not careful, these little financial errors can lead to some serious cash flow problems. Take a look at these 3 worst financial mistakes that every small business owner must avoid.
1) Avoid late payments
Pay the bills when they are supposed to. Avoid late payments. Some keep the bills aside till the due date has arrived. This is applicable to both account payables as well as receivables. When it’s your client’s turn to pay you, then give them an extended window of time to make your payments so that you can foster more sales.
Tip: Give your client an extra 14 day period to pay an invoice. If you provide quality goods within the given duration of time, your clients will have no issues regarding the payments they have to make you.
Solution: Use online payments gateways that offer online invoicing and accounting features. This way all your bills will be organized and can be accessed anywhere and at any time.
2) Always keep an emergency fund aside
The first quality that defines an entrepreneur is the tendency to have foresight. A business owner should have the instinct because you never know what is going to happen.
Tip: Every business owner should have at least a three-month emergency fund. The majority of the startups fail due of the misuse of the capital they have. Having an emergency fund makes you feel stronger even during your weak moments or probably when your startup fails. Also separate your personal finances from your business finances, avoid mixing these two expenses.
Solution: Start putting money away as soon as the cash comes in. Use your business credit card for your business expenses only.
3) Avoid spending too much time on non-cash generating activities
Yes, avoid spending your valuable time on noncash generating activities. This doesn’t mean you need to stop living your life and work like a machine. When it comes to time management, it is important to pay close attention to your productivity levels.
Tip: Distinguish and find out which activity has the highest chance of eventually generating cash flow.
Solution: Spend 80 percent of your time doing these cash generating jobs and rest of the time spending for all miscellaneous jobs. Work on these 3 simple tips and try avoiding them in your future.
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