For startups and small businesses, saving money is always crucial—and in 2022, that’s more true than ever. With rising inflation, continuing supply chain issues and increasing labor shortages, it’s important to ensure that your expenses stay manageable.
Here is a look at some of the most vital tips for your startup or small business to efficiently navigate business expenses.
Unless someone’s given you an endless supply of cash, you’ll need to figure out how to spend less while making more. It’s tempting to put everything you have into your small business, but it’s best to stay cautious about investing everything.
You may have heard that most small businesses fail early. Luckily, this is not true. According to the US Small Business Administration, nearly 80 percent of startups lasted for over a year. However, you should stay alert to ensure you’re keeping track of your finances. After five years, the number of surviving small businesses decreased to around 50 percent. That statistic dwindles to about one-third after 10 years.
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