BBB Business Tip: Five Financial Mistakes Your Small Business Should Avoid

The U.S. Bureau of Labor Statistics shows that approximately 20% of small businesses fail within their first year, increasing to 45% by their fifth year. In Canada around 30% of small businesses fail within 5 years of start up, growing to 50% within 10 years, and 70% within 18 years.

While many factors contribute to small business failure, cash flow and financial management problems are at the root of most closures. A lot can go wrong if you aren’t paying attention to things like budgeting and bookkeeping. No matter how old your business is, avoiding common pitfalls can safeguard your business’s financial health. The Better Business Bureau (BBB) lists five common financial mistakes that business owners make and explains how to avoid them in a new article here.

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