Six financial habits that will kill your business (literally) .
We've all heard that "most small businesses don't make it to ten years". Right?
Well, I'm the type of girl who wants to know WHY?!! When I hear a statistic like that, I already want to debunk it! So back in 2014, at the very first workshop I was asked to speak (those poor attendees!), I started researching, digging and finding out more about this statistic.
Come to find out :
80% of businesses will not make it to their ten year anniversary.
The crazier thing :
MANY of the reasons why businesses fail came back to money.
6 Financial Habits that will KILL your business (literally) .
1. Emotional Pricing
2. Spending more than making
3. Not paying taxes
4. No knowledge of Pricing
5. Lack of planning
6. Lack of record-keeping
Many business owners take a see no evil, hear no evil approach to finances. "Maybe if I just avoid it, it won't come around". Until April 15th when many of us are reminded again, that we just don't have it together. We vow to do better. Yet year after year the cycle remains.
I believe EVERY entrepreneur (even you "non-numbers" person you) have the ability to avoid these six financial pitfalls! Just a few simple steps have the power to bump you from the 80% fail rate to the 20% succeed rate!
Tomorrow on the blog - FOUR NUMBERS you must know in your business!
PS. It's Back!! Join me next week for my webinar - HOW I BUILT A SIX-FIGURE BUSINESS WITH LESS THAN 5,000 INSTAGRAM FOLLOWERS ; Simple steps that set you up for success and how to avoid the SIX major financial pitfalls!