1. No cash forecast
Fix: build a 13-week cash forecast and update it weekly.
2. Mixing personal and business money
Fix: separate accounts and a fixed owner salary or drawings routine.
3. No monthly close
Fix: a close calendar with owners, so management accounts arrive on the same working day each month.
4. Ignoring receivables
Fix: a collections routine and debtor days on the monthly dashboard.
5. Pricing without knowing the margin
Fix: gross margin and unit economics by product, branch or customer.
6. No cash buffer
Fix: set a minimum balance and flag any week that falls below it.
7. Late tax filings
Fix: put VAT, GST, BAS and payroll tax dates in the cash forecast and a shared calendar.
8. No budget or variance review
Fix: a simple annual budget and a monthly review of the biggest variances.
9. Looking for funding too late
Fix: start three to six months before you need the money, with clean accounts and a forecast.
10. One person controls everything
Fix: split approving, paying and reconciling where you can, and have a second person review bank reconciliations.
Frequently asked questions
What is the most common finance mistake in startups?
Not forecasting cash. Many problems appear first as a cash gap that could have been seen weeks earlier.
Do these apply to small businesses?
Yes. Each fix scales down to a spreadsheet and a short weekly routine.
Where should I start?
With the 13-week cash forecast, then the monthly close, then a KPI dashboard.