1. Don’t procrastinate.
One of the biggest mistakes Branch sees new entrepreneurs make is that they put off their bookkeeping needs. Bookkeeping is actually very simple. If you break everything down into small categories — categorizing expenses, paying employees, sending invoices — the whole thing becomes much more manageable and the compulsion to put it off lessens.
2. Understand your seasonal cash flow.
You need to know your sales cycles as well.Having extra capital in the bank can mean the difference between being able to weather the long periods before revenue from past sales manifests and having to fold early because your cash has dried up.
3. If you have to work 80 hours a week, you’re not profitable.
If you have to work 80 hours a week to keep your business afloat, you’re not profitable.Too many startup entrepreneurs blow through the earliest stages of their company’s growth by putting all their time and energy into their businesses at the expense of their health and relationships. Undervaluing the time you invest in your business hurts everyone involved.
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