Top 5 Common Mistakes Business Owners Make in Financial Planning

 

Why do nearly 30% of startups run out of funds? When it comes to making financial decisions, there are plenty of opportunities for errors, regardless of how long you have been operating your business. To avoid this demise, business owners must tactfully avoid these five common-but-harmful financial mistakes.

This video elaborate the five biggest mistakes business owners tend to make, and how to navigate and fix them.

1. No planning at all

 

The first and most common mistake is not planning at all. Financial planning can be draining and daunting. However, it is extremely important because it ensure you know where the business is going and what you need to achieve your goals.

 

 

 

2. Having no budget

 

The importance of having a good financial plan, including your budget, cannot be overstated. It is one of the first steps toward leading a successful business or personal life. 

 

 

3. Mixing business and personal banking 

 

It may not seem like a big deal to start-ups, especially as sole proprietorships, but it is essential to separate business and personal bankings. 

 

 

 

4. No planning for tax obligations

 

It is essential to know how much tax we are paying, instead of paying insufficient tax funds. 

 

 

5. Thinking you can do everything 

 

Building a professional team is equivalent to building a team of employees! 

 

More from Saas Insurance

Related Posts

Responsible Investing Blog thumbnail (1)
By Tim Fox & Brandon Chapman In recent years, the world of investing has evolved significantly. Responsible...
Responsible Investing
Responsible Investing
26 October 2023
By Tim Fox & Brandon Chapman In recent years, the world of investing has evolved significantly. Responsible...
Read More
Grants for Tech Entrepreneurs
Grants for Tech Entrepreneurs
27 September 2023
  Are you an ambitious Canadian entrepreneur looking to advance your business? In this blog, we’ll...
Read More
Smith Maneuver Simplified
Smith Maneuver Simplified
21 September 2023
What is the Smith Maneuver method and how can it benefit you? Read more to find out…   The Smith...
Read More
Tax Planning Strategies for Canadian Business Owners
Tax Planning Strategies for Canadian Business Owners
22 June 2023
As a Canadian small business owner, particularly in the technology sector, there are a number of strategies...
Read More
Commonly Missed Tax Deductions
Commonly Missed Tax Deductions
18 April 2023
As tax season approaches, many individuals and businesses are scrambling to get their finances in order...
Read More
The First Home Savings Account
The First Home Savings Account
10 April 2023
  Let’s talk about the most important news this year in terms of Canadian housing: the First...
Read More
Canadian Tax Planning for Small Businesses
Canadian Tax Planning for Small Businesses
09 March 2023
  Hello everyone! My name is Brandon, and I’m a financial advisor specializing in financial planning...
Read More
The Pros & Cons of Flow-Through Shares
The Pros & Cons of Flow-Through Shares
07 February 2023
  So…you may be asking: what are flow-through shares? Well, as defined on the Government of Canada...
Read More
When is it a Good Time to Retire?
When is it a Good Time to Retire?
10 January 2023
  You may or may not be at the stage of retirement at the moment, but it’s still a thought you should...
Read More
Budgeting Tips for the New Year
Budgeting Tips for the New Year
22 December 2022
  So the New Year is coming up, and I’m sure many of you are going to make New Year’s resolutions...
Read More