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7 Biggest Financial Blunders Small Business Owners Make

The 7 Biggest Financial Blunders Small Business Owners Make in The First 5 Years Not Separating Business & Personal Accounts 1. %3D Separating these accounts will make it so much easier to do the accounting for your business and plan for quarterly tax estimates. Making Big Purchases Right Away 2. If you're considering making a big purchase early on carefully think it over. Some expenses are going to be mandatory but always ask yourself if a big purchase is a luxury or a necessity. Making Irresponsible Personal Purchases 3. Spending a lot of money on unnecessary personal purchases could prevent you from being able to afford to work around these roadblocks. Creating Debt With The Expectation of Paying It Off 4. 2$ Since credit cards are so convenient, many new business owners fail to see the debt they are incurring. CPAS recommend using a debit card if you're looking for convenience. Not Saving for Emergencies 5. Covering the cost of an emergency on your credit card can be shortsighted and Don't get into these patterns with your business, or it can cause you to fail. Not Planning for Upcoming Taxes 6. Before starting your own business, you were probably used to receiving an easy-to-decipher W2 form that walked you through the tax process step by step. Not Setting A Budget 7. It makes it easier to guide your business into being profitable if you know how much you have to spend on a monthly basis. Failing to do so can lead to confusion. COMPLETE SMALL BUSINESS SOLUTIONS ||

7 Biggest Financial Blunders Small Business Owners Make

shared by howardcpa on Apr 10
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Are you planning to open a new business in 2020? Here are 7 major money mistakes you need to know that most of the new business owners make in their first 5 years.

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Economy
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