Financial mistakes you should avoid as a business owner

When you start and manage your business, it’s unavoidable that you will run into a few bumps along the way. Most of them you can overcome but what if it’s something much bigger and involves your bank statement?

Be money-wise and avoid getting yourself in a financial pinch by steering clear of these common mistakes some business owners make.

1. Not having a cash cushion
2. Having both personal and business accounts in one
3. Passive collection of receivables
4. Impulse spending and overspending on startup costs
5. Extending sales on credit without vetting the client

Woodard, Chris “Common Financial Pitfalls & How to Avoid Them”

Silicon Harbor Business Services is based in Mount Pleasant, SC.  We provide solid, practical advice to small business owners and select individuals.  

We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise. For Quickbooks Online, we work with clients in Mount Pleasant, Charleston, Philadelphia, and across the US. For Quickbooks Desktop and Quickbooks Enterprise, we only work locally in the Charleston, SC area.

For a complete list of our services, please click here. If you have any questions about online bookkeeping or business consultancy, we’d love to hear from you. Please contact us here.

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