Of all the small business literature in all the blogs in all the world, very little is written on the subject of money. I take that back, there is plenty of material on how to make money and many articles and blog posts urge you to spend your money on life-altering products. But very little is written on how to think about, track, and manage money in your small business.
Why small business finances matter
As a former small business bankruptcy attorney, I believe this lack of attention to such an important detail is a travesty because the businesses and business owners who came through my office had these attributes in common:
- They were smart
- They were hustlers
- They were creative
- They were hard workers
- Their finances were a Hot Mess
It was not uncommon to have a small business owner enter my bankruptcy office with a shoebox full of receipts or a plastic bag full of unopened envelopes. Yikes. Their businesses failed not for lack of a great idea or Herculean hustle, but for lack of financial savvy.
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