For many small business owners, it’s difficult enough keeping customers happy without thinking about the stuffy world of finance. But money management isn’t something you can afford to ignore. Doing so can easily send the company off the rails. According to Industry Canada, 3,116 businesses turned off the lights in 2014 because of insolvency.
Here are five common mistakes small businesses can make, which can lead to disaster further down the track.
Ignoring your numbers
Unless you are an accountant, your core area of expertise won’t be in managing financial statements. It is tempting to focus on the practical aspects of your business and leave the accounting until later. This is perhaps the worst possible mistake for a small company.
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