2020 will undoubtedly go down as the year that challenged everything you knew about running a small business.
While it may be exciting and fulfilling to run your own small business, financial risks and challenges are part and parcel of the game. Any company can fail by making financial errors when it comes to saving. That reality can hit incredibly hard during a pandemic.
If this year has proved anything at all, it’s that saving money can save your business. While financial pitfalls are usually predictable, there are times when you’ll encounter them unexpectedly. Such pitfalls can be ruthless and happen swiftly, leaving you no time to take pre-emptive action.
Ensuring a disciplined approach to your savings protocol from the outset can be the make-or-break factor in keeping your small business afloat. On account of October 31 having been celebrated as ‘World Savings Day’, let’s consider four common mistakes that small businesses and startups make in their savings processes, and understand how you can avoid them.