Poor money management ruins great ideas. Know your numbers, and your business will thrive.
1. Separate Personal and Business Accounts
Always. It protects your finances and makes accounting easier.
2. Track Every Expense
Use tools like Wave or QuickBooks to monitor cash flow. Every dollar counts.
3. Know Your Break-Even Point
How much do you need to sell to cover costs? Knowing this number is non-negotiable.
4. Build a Cash Reserve
Aim to save 3–6 months of operating expenses. It protects you during slow periods or crises.
5. Review Monthly Financial Reports
Know your profit/loss, balance sheet, and cash flow statement. Even basic understanding prevents bad decisions.
