Forget about not being good at math in school growing up. Fears around money are all too common for entrepreneurs, but in order to ensure your business success you need to educate yourself. Financial literacy goes beyond just knowing calculations—it is about understanding finance so that you can make informed and effective decisions in running your business.

[Related: Free Help for Managing Your Debt]

You may have the best business idea or the most innovative product in the market but if you do not have the essential financial knowledge in managing the money your business makes, you could find yourself out of business. Five years is the typical number when businesses start to fold with poor money management among the top three culprits.

It’s critical that you regulate cash flow—money coming in and money going out of your business. Also, concise record keeping will help you create realistic operating budgets and forecasts.

Financial literacy is a skill that can be acquired. Like many


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Source: Black Enterprise » Small Business