Many small business owners fear the money side of their business. This is a result of never really understanding how to keep track of it, and not knowing what the most important metrics are for tracking it. Some don’t want to face the financial truth about their company. Once-a-year accountants are not much help, since they speak in a jargon that small business owners do not understand. For their part, small business owners are embarrassed to ask questions for fear of looking stupid. Unfortunately, these actions often mirror what is going on in their personal lives.
Money is so important that there’s more than one truth about managing it. Learn the seven truths from SMB owner Barry Moltz, whose insight can help your business.
1. People Spend What They Have
2. Cash Is King
3. Budgets Do Work
4.Debt Is Not Always Bad
5. Business and Personal Credit Scores Matter
6. Save for Retirement Now
7. Set Up an Emergency Business Fund