Ep. 111 - Top 4 Financial Mistakes Business Owners Make

The top reason for business failure is lack of money, pure and simple. No money, you can’t pay the bills, right? Sure, there are many reasons for that lack of money like low demand, poor marketing, or too high of overhead. Another and more common reason for lack of money is poor cash management. This is a common weak spot for most businesses and it’s something that can be fixed.

So meet this week’s guest, Eugene Valdez, of the Loan Doctor and Associates, Inc. His friends just call him the Loan Doctor. If you’re in the market for a business loan he’s currently batting 100%. That’s right, 100% of the loans he’s applied for on behalf of his clients have been approved.

But even if you’re not in the market for a business loan, the financial advice he gives in this interview is important for all businesses. This will help you take charge of your finances and put you on the path for healthier business growth and more money in the bank. 

The Loan Doctor- www.theloandoctor.loans

Podcast- CEO to Rainmaker - www.ceo2rainmkr.com

Key Takeaways:

• Poor cash management is common

• 7 out of 10 businesses are unbankable

• You don’t need to be a financial expert but know the basics

• Financial fraud is prevalent, the owner needs to know what’s going on

• Find an accountant that thinks like an entrepreneur

• 90 day cash flow projections are imperative

• The top 4 financial mistakes are:

  • Poor internal & external  accounting  systems . employee lack of experience in this area 

  • No  monthly  P & L projections  ( 12-24)  to monetize benefits 

  • Owners inability to  read and understand financials at a basic level 

  • Not cleaning up personal or business credit issues