Deciding where to spend money as a new business owner can be tough. Seeing as the way you allocate your funds in early stages can ultimately determine the long-term success of your business, there’s a lot of pressure to get it right. Knowing that 90% of startups fail and that inefficient money management can be the key determinant to whether your business stays afloat, the importance of being smart with your money is second to none when prioritizing your business needs.
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The importance of investing in things like human capital cannot be understated—whether you’re spending on a legal professional, accountant, or even on insurance for your employees, focus on the human capital your business has will pay off in the long run. Whether you’re a subcontractor looking for a construction bond or an online retailing startup on the lookout for a skilled CFO, every type of business needs to invest in these key areas now so they can thrive later on.
For a complete guide on where to spend your money when starting a new business, check out the infographic from JW Surety Bonds below.