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For first-time small business owners, managing their companies’ finances can prove to be a challenge. Many small businesses fail because of bad financial habits, poor planning, mismanagement of cash flow, and lack of proper guidance and resources. However, if you want your small company to thrive, it is important that you have a strong financial literacy and are aware of the common pitfalls that could harm your business. Here are some valuable tips on how you can efficiently stay on top of your small business finances.
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1. Develop a Financial Plan Early On
A solid financial plan is essential for your company to succeed. It will serve as your roadmap to help remind you of your short and long-term financial goals. In order to ensure that your small business stays relevant, you need to think ahead and create a plan for …