By Sharita Humphrey –
Every year, thousands of people start up their own businesses. Although they venture into different industries, they have one thing in common. They need money and capital to fund their business. A business simply can’t survive without finances. Even if you have the best idea, service, or product, it is not enough to sustain a company.
Securing funding for your business is not the key to its success. However, financing plays a huge role in your entrepreneurial journey, especially at the beginning.
Let’s dive into eight truths about securing financing for your business:
1. Small business owners should focus on cash flow over profit
A major mistake that many small business owners make is focusing too much on profit. What you should be doing is focusing on your monthly cash flow. Cash flow measures the ability of your company to pay its expenses on an ongoing basis. (more…)