Trust me, no matter how gruelling it might seem, save yourself the pain and get some solid financial structure behind you now while you are still small enough and flexible enough to adjust. It can be overwhelming to keep track of it all, especially when it takes you away from the aspects of business you are really passionate about. I know that trying to keep on top of every cent that comes in and goes is a tedious process. ![]() Now I’m not pointing fingers here, just about every emerging business is guilty of underrating financial structure and I can’t really blame anyone for that line of thinking, there’s an unwritten understanding that in business all you need is to make sales: the money rolls in and takes care of itself. You stand to lose everything in the chaos, including your hard-won customers who aren’t going to stick around long in a crisis. If that sounds like a time to panic, you are absolutely right. Once you get yourself out of that emerging status and start making real money, everything changes and a flimsy financial system will come crashing down around your ears. You can even make some juicy profits, but where things will fall apart is when it comes time to scale. Business is next level and you need to have your head in the game if you want your business to succeed in the long run.ĭon’t get me wrong, you can manage just fine on flimsy record-keeping and financial knowledge as a start-up. When it comes to business, balancing your finances needs to be professional, not whatever patchwork of skills you put together saving your pocket and birthday money as you learned about money growing up. By this stage you know about banking, accounts, loans, and how to spend money….it can’t be harder than that, right? Why? Because finances are sort of wrapped up in general life experiences. ![]() All that is great and a perfect sign that you are ready to launch a successful business but what many business leaders lack is the ability to stay on top of their finances. Some have great people skills, amazing marketing strategies thanks to social media engagement, or amazing products and a hungry-to-buy market. Many business owners have some elements of their new business down pat, usually in line with whatever personal strengths enticed them into business in the first place. Owning an emerging business is inspiring, exciting, and a little overwhelming.
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