Small Business Money Management-
MNGT 137 IC
Week 5

 Hello everyone. Most of the articles I looked at told me what to do to manage the financial part of my small business. 13 Money Management Mistakes Small Businesses Make, by Kat Boogaard was filled with great information, easy to understand, and gave me much to think about.

Money Management Mistakes:

  1. Spending Too Much Too Soon
  2. Overestimating Future Sales
  3. Failing To Manage Cash Flow
  4. Not Analyzing Prices
  5. Mixing Personal and Business Finances
  6. Confusing Profit With Cash
  7. Misunderstanding Business Deductions
  8. Skipping Tax Payments
  9. Neglecting to Re-invest in the Business
  10. Underpaying Yourself
  11. Operating w/o a Budget
  12. Not Building a Cushion
  13. Forgetting About Retirement
Resources:
https://quickbooks.intuit.com/r/financial-management/money-management-mistakes/

I never considered paying myself, I just figured I would use the money I made to pay bills. Having personal and business finances separate would make it easier to keep track of the growth of my business. Each week I am finding more tasks for me to do and more aspects of running a business to learn. 



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