Hi everyone! What’s one simple financial tip you think every small business should hear — but most don’t?

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I help entrepreneurs with dynamic business plans so they can quickly respond to changes in the marketplace, analyze the impact on their business venture, and adapt strategies to reduce risks and benefit from opportunities. If you are aiming to launch or scale a business, you may want to use a dynamic plan to explore all aspects of your vision to ensure that the implementation will maximize your potential for success.  The reason for this is quite simple, considering change is the only constant in the marketplace: entrepreneurs must be equipped to respond to change with effective strategies. Due diligence does not require a massive investment in consulting services, so you must make sure you have all the angles covered before you commit to financing and launching your venture.

Understand what you know and don't know, especially in the area of finance and seek help from professionals that have the skillset for the missing link. This will help eliminate a lot of unnecessary stress.

Not sure if anyone mentioned this but it’s important to get the right insurance coverage. Whether you’re a partnership or sole proprietor having insurance in the event of an accident or long term illness so that your business may continue to operate can be the difference between profit or bankruptcy. 

Stabilize your owner’s draw. Most businesses have fluctuations in revenue but that shouldn’t cause fluctuations in your owner’s draw. As a coach, I help clients create a regular rhythm where there naturally is irregularity.