10 Money Management Mistakes Small Business Owners Should Avoid

Avoid money management issues by paying attention to your numbers from day one

Making money management mistakes is pretty typical for any new entrepreneur or business owner, however, you can avoid huge issues by paying attention to the numbers from day one. Many entrepreneurs start out in business full of expectations, excitement, and dreams, but without any financial wherewithal. They don’t take the time to properly conduct market research so that they can understand their industry and customer base. 

On today’s show, we’re pleased to welcome back Dr. Felicia Phillips, Founder, and CEO of Felicia Phillips Unlimited and the Pinkpreneur Network and also, the Creator of MogulCon. Felicia is a master business strategist and in this segment, she walks us through an in-depth assessment of 10 crucial money management mistakes including:

  1. Not Having Enough Start-Up Capital
  2. Spending Too Much Money at Start-Up
  3. Not Paying Yourself
  4. Not Looking at the Data
  5. Waiting for Perfection
  6. Not Knowing When to Walk Away
  7. Reinventing the Wheel
  8.  Not Understanding That Customer Service Is Vital to the Bottom Line
  9. Under-Estimating The Response.
  10.  Spending Before Receiving

To watch more thoughtful and insightful interviews with Felicia, click here.


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