There are some things we see over and over that are really not in your best interest. Here’s why:
#4. Commingling Personal and Business
I can’t tell you the number of businesses we see where the individual principals have used their personal credit cards for corporate expenses. This is not a good idea and if you are still doing it, please stop for the moment until we gather data and understand. This goes back to my Top Ten List #5-if you are having to use personal funds in any fashion at all, then the cash flow of your business is not sufficient for operations and your current debt service. Stop putting in personal money, stop loaning personal money, stopnot taking your full salary, stop using your own credit card, until you can understand the facts of why and how much you’re being required to use personally to supplement your business operations.