Running a small business in the UK is no small feat – from juggling VAT deadlines to keeping cash flowing, the financial side can feel like a minefield. At MarketingControl, we’ve seen firsthand the pitfalls that trip up even the savviest entrepreneurs. Here are five common mistakes and how to steer clear of them.

1. Ignoring Cash Flow Forecasts
   Many owners focus on profit but overlook cash flow – the lifeblood of any business. Without a forecast, you’re flying blind. Solution? Map out your inflows and outflows monthly to spot gaps before they become crises.
2. Mixing Personal and Business Finances
   Using your personal account for business expenses might seem convenient, but it’s a recipe for tax headaches. Open a separate business account – it’s a small step that saves big stress come HMRC time.
3. Overlooking Tax Relief Opportunities
   The UK offers reliefs like R&D tax credits, but too many businesses miss out. Check what applies to you – a quick review could unlock thousands in savings.
4. Chasing Every Client
   Not every customer is worth your time. Saying ‘yes’ to low-profit or late-paying clients drains resources. Focus on quality over quantity – know your worth and stick to it.
5. Skipping Professional Advice
   DIY finance might save pennies upfront, but costly errors pile up fast. A consultant can spot risks and opportunities you’d miss solo.

Ready to dodge these traps? At MarketingControl, we help British businesses turn financial chaos into clarity. Contact us to see how we can support your growth.