How to Avoid Financial Disaster as a Startup or SME

Dear Reader,

Starting or operating a small business is a hazardous venture. According to the Small Business Administration, 20% of enterprises fail during the first year, and 50% fail within the first five years. Financial issues are one of the leading causes of business failure.

If you're a startup or SME, you've probably heard about these few things you can do to avoid financial disaster. These are the five most important hints:

1. Make a Solid Financial Strategy: This should include a budget outlining your revenue and costs, as well as a plan for financing your firm.
2. Carefully Manage Your Financial Flow: This entails meticulously analysing your incoming and outgoing funds and ensuring you have enough cash on hand to pay your expenses.
3. Don't Go Overboard With Your Spending: It's easy to get carried away when you're first starting out, but it's critical to remain frugal with your money.
4. Always Seek the Advice of a Financial Counsellor: If you're unsure how to handle your funds, a financial adviser can help you develop a strategy and keep you on track.
5. Be Prepared for Unexpected Expenses: Things happen, so it's important to have a plan for how you will handle unexpected expenses.

In addition to the recommendations mentioned earlier, my team and I have conducted thorough research to determine how startups can keep an eye on how to manage their finance wisely.

I firmly believe that new companies require a unique strategy for managing their finances, even though their ultimate goal is the same as that of larger enterprises.

As your startup continues to grow, there will be a need for changes in implementation and management, as well as mandatory business restructuring.

Unique Recommendations for Every Startup and SME

Please click on the following link: "unique recommendation " to acquire a copy of our unique recommendations. When you submit an enquiry, my staff and I will swiftly contact you to give comprehensive advice targeted to your individual needs.?

How We Can Help You

1. Access your financial situation,
2. Develop a customized financial plan,
3. Provide Investment advice
4. Develop retirement planning strategies

Free Resources

And, as usual, I have released several strategy ideas on my profile page throughout the course of this week, if you haven't seen it yet or are learning about me for the first time. Here are some posts and insights you might have missed last week.

Join me for SOConsulting's first virtual event by clicking on the link here !

I'm excited to see you all there! In the meantime, please connect with me and follow our business pages. I would be delighted to offer you a one-on-one consultation to help accelerate your business by clicking here .

Stay Awesome and see you again next week!

Sandra Obinna

Founder & CEO

SOConsulting & Co.