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The Ten Big Mistakes Business Owners Make with Financial Management
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The Ten Big Mistakes Business Owners Make with Financial Management
This episode of our show is taken from actual sessions we've conducted in Exit Success Lab with business owners and the professionals who advise them. If you'd like to be a part of these sessions and increase the value of your business, apply for membership by calling: 1+786.436.1986.
In this insightful episode of The Inside BS Show, hosts Nicola Gelormino and Dave Lorenzo sit down with financial management experts Harry Cendrowski and John Alfonsi to discuss the ten most common mistakes business owners make when managing their finances.
From investing too heavily in new ventures after a sale to neglecting personal financial planning, Harry and John dive into real-world examples that every business owner should hear. Learn how to avoid these pitfalls and set your business up for long-term success.
Key mistakes discussed include:
1. Over-investing proceeds from a business sale.
2. Lack of an exit strategy.
3. Failure to reinvest in the core business.
4. Impulsive spending without ROI analysis.
5. Poor preparation and document organization.
6. Not maintaining a budget.
7. Failure to benchmark performance.
8. Not incentivizing key employees.
9. Ignoring recurring revenue and employee retention.
10. Lack of personal financial planning.
Whether you're a business owner, advisor, or entrepreneur, this episode is packed with valuable insights to help you better manage your business finances and achieve sustainable growth.
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