Undertake separates personal business spending

» Undertake and separates your personal and business spending

A large number of small businesses close before his first year at the lack of proper management. A key factor to consider is to separate personal finances from your business. Income, expenses, financing, accounting and tax payments must be strictly delineated.

In Mexico, businesses fail due to lack of proper management and entrepreneurs and for no 'separate' personal finances of your project.

Condusef data indicate that 43 percent of micro, small and medium enterprises (Mipymes) fail by management errors and strategy, while 35 percent have problems due to lack of funding.

Condusef and the National Institute of Entrepreneurship (Inadem in Spanish) recommend establishing strategies to reap the benefits that offer financial products, plan the timing of payments to suppliers, find new investors before obtaining financing, not take money from the utilities to better invert, avoid using personal credit card to fund the company and promptly record the tax and accounting operations.

The salary of the entrepreneur and his team is also a sensitive issue to discuss reasonably, based on the activity done without spending a certain amount in order to reinvest in the business.

For experts, a common mistake is to obtain funding from the wrong sources.

Tips
Separate Differentiates credits Not for personal purpose Take care with assets Benefits
Source: http://www.elfinanciero.com.mx/mis-finanzas/emprende-y-separa-tu-gasto-personal-del-empresarial.html


MVP Business Strategy will provide financial advice based on the equity of your company or business. If you are interested in our consulting services in Finance visit our contact section.

ANOTHER NOTES OF INTEREST

Learn more about us.