One of the biggest challenges to starting a small business is successfully managing all of the key financial aspects to ensure overall survival and success. It is no surprise that eight of ten small businesses fail within their first 18 months – many simply run out of cash. Sometimes business owners on a tight budget don’t take a long-term view with their accounting, and are more concerned with what it costs rather than what they can save. However, if you get your accounting right the first time, it can save you money in the long run.
Following is an exclusive Q&A with Jim, who provides insights into the following topics:
- The needs to be considered when launching a new business
- The problems that can arise when you don’t have an adequate accounting system
- Why it’s important to have a cash forecast, and update it regularly
- Issues to consider when seeking financing
- What type of team you need for success
- Strategies for growth