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Nearly one in five small businesses fail in their first year. That may be daunting as a new business owner, but learning to manage your money and use it wisely could help your business thrive. The Essential 2023 Money Management Bundle has lessons on everything from investing to budgeting to personal finance—and lifetime access is on sale for $19.
It’s time to start feeling confident about your business’s financial future. If that means earning passive income to back up your normal revenue streams, then study long-term investment strategies taught by full-time trader, investor, and entrepreneur Travis Rose. See how you can build value by investment and learn to read charts and analysis indicators to make informed investments.
No investment is a sure thing, so you may want to craft a finance tracker to stay informed about how much your business spends monthly. This model also works as a personal finance tool, but scaling it up for your business may help you make informed decisions if the time comes to limit expenses.
Many personal finance skills may also apply to your business finances. Up to 82% of businesses that fail can attribute that failure to poor cash flow management. In principle, managing your business’s cash flow is similar to operating a personal budget, and Budgeting 101 could show you the basics. From creating a monthly budget, setting debt repayment goals, and creating a cash flow schedule, your business’s finances may not be that much different from your own.
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