Proper financial management procedure should be mandatory to all modern entrepreneurs. If we keep abreast of these procedures, the likelihood of failure is minimized. Proper financial management always increases the odds to be in our favor. Business has no guarantees, however, the one who has the greater odds on his side will most likely be the successful one. Financing a new business means getting the money necessary to start it and to keep it going.
Money is the fuel that powers the business.
Just as a car won't run without fuel, neither will a business. Also, it is important to have the right kind of fuel and at the right time. Besides the decision to start the business, the next important decision is how to finance the business. Too many businesses fail because of lack of money to get them started and fully operational. Yet, many people do this when they start a business.