It may seem obvious but it’s an important fact. A company won’t remain in business without eventually turning a profit. Every year, there are thousands of new businesses started with lofty aspirations. They feel excited and full of hope about the prospect of success. But plenty of statistics show that more than half of them will be gone in less than five years. The reason: they struggle to make a profit.Continue reading
Running out of cash is one of the quickest ways to go out of business. It’s listed by CB Insights as the number two reason for startup failures. Around 29% of startups who closed in 2018 failed because of inadequate funding. Managing cash flow is critical for every stage in the lifecycle of a company. Cash is the lifeblood of business but keeping track of money coming in and out can be a challenge. The key is to be smart in your spending. Learning to better manage cash flow management is a major factor in success.