It is said that more than 60% of new businesses fail within 2 years of operation. Majority of these businesses fail because they run into financial trouble – they cannot generate sufficient cash flow to keep with the expenses, they have not saved enough to survive the first year when revenue are still being generated or they simply go on a spending binge and run out of cash in a short time. While you can always seek investors or business loans to get funding in the initial stage of your business, those who have done it will tell you that it is not as easy as it sounds. Successful entrepreneurs and business owners know that having a financial savvy, especially for new business owners, is one of the most important requirements to succeed at business. So, here are the 3 most important tips to keep in mind as you are working on building the next Starbucks or Google.
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