Preventing Business Failure
The single biggest mistake we see when we help clients set up a new business is they forget about their own personal financial accountability to their business. They don’t set their personal budget. They and their families are spending money as usual and they miss budgeting for the company. They forget their company can only sustain a certain personal budget. If your personal budget can’t match with your business, your business is going to fail, guaranteed. You’re the only person who can ensure your personal and business budgets are properly set. Please, please, please folks, remember before you start a new business, set your personal budget! Set the lowest case scenario, set the highest case scenario, you’ll fall somewhere in-between most likely. But be realistic with yourself, what is the lowest you can go to sustain your personal life, your family, and your business? And always remember to take taxes out of your profits!