The one thing every business owner has in common concerns money.

Obviously, it takes more than a good idea to run a successful business. Proper financial management is crucial to surviving. Research shows 1 out of every 3 small businesses fails within the first two years, often due to poor financial management.

The most anxious moments for business owners typically aren’t about making a profit—it’s being short on cash. Small businesses, especially, need to exercise caution with their financial decisions.

The following financial words of wisdom come from the BusinessCollective, launched in partnership with Citi, which is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives, and small business owners.

Here are five common spending mistakes you need to avoid.

Overspending. Know your budget numbers day in and day out and don’t spend on things you absolutely don’t need. Did you check the shipping rates with multiple

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Source: Black Enterprise » Small Business