The Key to Financial Survival
Wednesday, November 14, 2018
Chances are, unless you are an accountant, you didn't go into business because you love working with financial numbers. Small business owners are typically good at making a product or delivering a service, but are less comfortable with the financial side of the business. That's understandable. However, the numbers are critical to understanding how money flows in and out of your business and ultimately the survival of the business itself.
A recent article written by John Gallagher and published in the Detroit Free Presscited a JPMorgan Chase Institute study of 1 million small businesses. "Small businesses don't fail because it's a bad business. They fail because of cash flow problems," notes Chris Wheat of the JPMorgan Chase Institute.
When I’m advising Wyoming entrepreneurs, I strongly encourage them to become familiar with the financial side of their business before problems arise. You don’t want to wait until it’s too late. The Wyoming Small Business Development Center (SBDC) Network provides entrepreneurs with no-to-low cost assistance in several ways.