5 Financial Tips for Startups and Small Businesses

Every startup begins with a great idea. There’s this need to invent and excel, fill a market niche, and solve problems for issues that you’re so passionate about. Despite the energy and soul put into them, nearly half of these startups crash by their fifth year in business. A major reason for this is that the startup either mismanaged its cash or failed to raise new capital. Here are five financial tips to keep your startup from becoming another has-been. 1. Prioritize Your Books Punctual “keeping of books” is the stepping-stone for building a successful business. Avoid crunching numbers manually on a spreadsheet. Instead, focus on automating the accounting process. Don’t go on an off-the-shelf software buying spree; verify if they fit your needs.