6 Financial Mistakes Small Businesses Make All the Time

6 Financial Mistakes Small Businesses Make All the Time
Image credit: Influence & Co.
Guest Writer
1 min read
Opinions expressed by Entrepreneur contributors are their own.

When it comes to starting a business, it’s all about the budget. Maintaining a healthy bottom line is key if you want your fledgling venture to take flight and grow.

Too often though, small businesses make a variety of financial mistakes that allow their hard-earned money to leak away. For example, 21 percent of small-business owners say they claim less than half of their business expenses, which means they are dramatically overpaying their taxes. A large reason for this is the tendency not to claim small figures, which is a mistake: Even $5 expense claims can add up, so get in the habit of saving your receipts.

To discover five other common money mistakes small businesses make (along with ways to fix them), check out the infographic below courtesy of Make It Cheaper, a company that helps businesses save money on energy bills and other services.

Click to Enlarge+
money mistakes (Infographic)

 

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur