Great ideas. Awesome plans. Ace team. But it all goes to hell if you run out of money!
Managing cash flow is important for business owners in the startup phase because they will experience many financial issues and concerns that established businesses do not. But many entrepreneurs aren’t prepared for the challenge, and 90 percent of small businesses fail because of poor cash flow. If you’re about to launch a new business, here are five areas you should pay attention to so you are not caught off guard.1. Unexpected Pivots and Emergencies No matter how well thought out your business plan is, you can’t predict when an emergency will happen or when you’ll have to pivot to keep your business on track. For example, if your product isn’t selling as you anticipated, you may have to invest in repackaging it or in reaching a…Read More