Financial Management: Track expenses; don’t overspend.

By: A Staff Writer

Updated on: Jul 13, 2024

Financial Management: Track expenses; don’t overspend.

Do:

• • Set up a dedicated business bank account.
  • Use accounting software to monitor cash flow.
  • Create and stick to a budget.
  • Categorize expenses meticulously.
  • Seek professional advice if needed.

Don’t:

• • Mix personal and business finances.
  • Rely on guesswork for financial decisions.
  • Ignore early warning signs of cash flow problems.
  • Fall into the trap of “lifestyle inflation.”

Takeaway: Financial health is the lifeblood of your business. By keeping a close eye on your finances, you’ll be able to make informed decisions and avoid costly mistakes.