Noted financial expert, Dr. David Phelps, says most entrepreneurs have no idea what’s actually going on in their finances, and warns this is a recipe for disaster. “Your budget is like the heart of your business, so it’s critical to know how it’s performing. This is always important, even in the best of times, but when the economy slows down, like it’s been doing over the last few years, it becomes absolutely critical. As revenue tightens and credit becomes more difficult to get, entrepreneurs have a smaller margin for error,” he explains.
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