Send us a text

In this episode of Boosting Your Financial IQ, host Steve Coughran delves into the world of financial management for entrepreneurs and explores the five most common financial mistakes made in business. Join Steve as he uncovers the pitfalls that many entrepreneurs fall into and shares insights on how to avoid them. First, Steve highlights the importance of maintaining a clear and streamlined chart of accounts. He discusses how an overly complicated chart can lead to confusion, errors, and inefficiencies in financial reporting, and provides tips on simplifying and organizing financial records effectively. Next, Steve tackles the issue of a disconnect between financial reporting and economic reality. He explains how entrepreneurs often rely solely on financial statements without considering the broader context of their business operations. Through real-world examples, he demonstrates the significance of aligning financial reporting with the actual economic performance of the business. Steve also addresses the common misconception of confusing profit for cash flow. He explains the crucial difference between the two and emphasizes the importance of managing cash flow effectively to ensure the financial health and stability of the business. To hear more about the other common mistakes and how to avoid them, tune in now.

Here's how to get started with Boosting Your Financial IQ:

• Step 1:  Test your financial IQ for FREE
• Step 2:  Download the FREE app
• Step 3:  Take the Fundamentals of Finance course

Disclaimer:
BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.

Support the show