The paperwork adds up. This is the stark reality many startup small businesses face when they don’t yet have the time, tools, or know-how to keep up with their financial records.
Unfortunately, this is also one of the reasons many of those small businesses don’t make it. According to LendingTree (a BBB Accredited Business), cash flow is the top obstacle for new businesses. When money is tight, there’s little room for error, which makes financial record-keeping critical.
Despite the real talk, these revelations are not necessarily bad news; they’re a chance for entrepreneurs to prioritize making sound financial decisions. After all, staying accountable to yourself is a big part of embodying integrity. At the end of the day, tracking your financials is about keeping your word to yourself and to your community.