Financially Free Era by SLP Wealth Money Mistakes Small Business Owners Are Making And How to Fix Them
Dec 5, 2025
Discover the top five money mistakes that plague small business owners and how to tackle them effectively. Learn why mixing personal and business expenses can lead to chaos. Unravel the truth that revenue isn’t the same as your paycheck and how to ensure consistent income. Explore the power of an overflow savings account to manage cash flow. Plus, get insights on year-round tax planning and the importance of building robust financial systems. It's all about making your business work for you, not the other way around!
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Separate Business And Personal Finances
- Keep business and personal money fully separate with dedicated accounts and cards.
- This makes tax prep and expense tracking simple and reduces stressful end-of-year scrambling.
Tax Headache From Early Commingling
- Meagan recalls mixing personal and business transactions during her first firm and dreading tax time.
- She struggled to recreate mileage and classify 50–75 mixed transactions months later.
Don't Treat Revenue As Take-Home Pay
- Do not treat revenue as your personal paycheck; set aside taxes and reinvestment first.
- Pay yourself a steady monthly salary from business funds to create stability.