7 Common Money Mistakes That Startups MakeWhether you’re the boss of a budding startup or a small business, managing your company’s finances on your own is never an easy feat. Coming up with a financial plan and implementing it perfectly and accurately can be challenging. It’s quite normal to make accounting and other money mistakes every now and then, especially if you’re in charge of many other responsibilities.
Still, it’s better to rectify these money mistakes from the get-go. Small mistakes could accumulate and lead to bigger errors that could impact your bookkeeping, and if not corrected immediately, the overall financial status of your company, as well. In fact, a study in CB Insights revealed that 29% of failed startups suffered from poor financial planning, which is the second topmost reason.
What other money mistakes have you seen or made when starting up a business?