Going broke is the ultimate fear of every business owner! Unfortunately, it does happen. To make sure it doesn’t happen to you, it is important at every step of your business to account for every dollar, keeping track of the taxes you have to pay as well as your expenses. Request payments or deposits upfront from your clients and provide them with incentives for paying on time. Many businesses that go broke don’t accurately forecast the cash they will have coming in, or the expenses they have on the horizon. They also don’t put anything away for a ‘rainy day’.
If you’re worried about going broke, call in an expert to help you handle things the right way.