If you’re starting your own business, chances are you’ve chosen an industry you’re familiar with one where your existing knowledge puts you in a good position for success. But while an understanding of your industry is important, you’ll also need to know what it takes to run a profitable business.
It’s never clearer than at financial year-end how sound financial management underpins all successful ventures, yet it can be a stumbling block for many small business owners.
Five common financial management mistakes small businesses make include:
1. Incorrect pricing
2. Mistaking profit for cash
3. Slow debt collection
4. Not understanding the components of gross profit
5. Lack of clear performance metrics
Want to know what this means in more detail and find out how your business can avoid these mistakes? To find out, head to the full article here – it’s part of our awesome new #QBOBetterBiz program which includes eight weeks of expert advice & resources to help Aussie entrepreneurs build their best business.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.