Startup failure is often attributed to the lack of proper financial planning.

It is important to consider the one-time costs associated with the initial setup of the business, as well as ongoing monthly expenses, such as the monthly burn rate.

Successful startups must have an accurate understanding of their financial obligations in order to not only stay afloat but also to achieve long-term success.

This can be accomplished through careful budgeting, diligent tracking of expenses, and strategic decisions about how to allocate resources.

Follow: @lawrencemansour for more daily tips on how to grow and scale a startup to generate $1M in annual recurring revenue.

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