Running a business is hard enough without your finances tripping you up. Over the years, we’ve worked with hundreds of brilliant business owners, and we’ve spotted a few common (and avoidable) mistakes that hold people back.

Here are the top five and how to stay clear of them.

1. Not Looking at the Numbers Until Year-End
So many business owners wait until the end of the year to find out how they’re doing, which is a bit like driving with your eyes closed and only opening them once you’ve crashed!

How to avoid it: Use regular monthly reports (we help our clients build these) to make small course corrections before problems grow. It’s not about spreadsheets, it’s about clarity.

2. Confusing Profit with Cash
Your business can look profitable on paper but still be in the red when it comes to cash flow. And it’s cash, not profit that pays the bills.

How to avoid it: Understand the flow of money in and out of your business. We help our clients track this clearly and make better decisions with it.

3. Trying to DIY for Too Long
Yes, there are tools out there. But if you’re spending hours reconciling transactions, stressing about tax, or wondering if you’re doing it right, it’s costing you time, energy and money.

How to avoid it: Outsourcing your accounting doesn’t mean giving up control, it means gaining support and peace of mind.

4. Not Charging Enough
Undercharging is one of the most common finance problems we see, especially for sole traders and small business owners. It leads to overwork, under-profit, and burnout.

How to avoid it: Know your numbers well enough to price your services properly and don’t be afraid to raise your rates.

5. Staying with the Wrong Accountant
If you don’t feel supported, informed, or understood, it’s not you, it’s them. An accountant should be a strategic partner, not just someone who files your tax return.

How to avoid it: Choose someone who gets your business, speaks your language, and supports your growth, not just your compliance.

Can you spot any of these in your own business?

If any of this sounds familiar, you’re not alone. These are common hurdles we see time and time again, even in successful, growing businesses. The good news? They’re all fixable with the right support and a bit of clarity.

If you’d like to chat about how we can help you avoid these pitfalls and feel more in control of your finances, we’re always here for a no-pressure conversation. Drop us a message at [email protected] or give us a call on 0330 134 0282.