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Title: Mayfields Guide to Common Pitfalls for Freelancers and Small Businesses The Five Most Frequent Mistakes

Denver, Colorado, United States, 22nd Oct 2025 - IMCWire - Running your own business is an exciting journey, but it also comes with risks that can quietly undermine your progress. Many small business owners and freelancers focus so much on growth that they overlook hidden financial traps.With years of experience helping entrepreneurs, Mayfield identifies five common mistakes that can harm small businesses — and how to avoid them.1. Mixing Personal and Business FinancesOne of the biggest mistakes new entrepreneurs make is blending personal and business funds. Using a business card for personal purchases or depositing client payments into a personal account might seem harmless, but it quickly becomes a nightmare at tax time.When finances overlap, tracking expenses and justifying legitimate deductions become difficult. Worse, it attracts unwanted attention from tax authorities, risking audits, penalties, or loss of deductions worth thousands.Solution: Open a separate business bank account and credit card. Keep all professional income and expenses there. It simplifies bookkeeping, protects you during tax season, and gives a clear picture of your company’s financial health.2. Focusing on Revenue While Ignoring Cash FlowMany entrepreneurs celebrate sales as a sign of success. But revenue alone doesn’t tell the full story. A company can have strong sales yet struggle if cash isn’t received on time or is stuck in unpaid invoices.Cash flow is the lifeblood of any business — without it, you can’t pay staff, suppliers, or reinvest in growth.Solution: Closely monitor receivables. Set clear payment terms, send reminders promptly, and follow up on late invoices. Building a cash flow plan helps anticipate shortfalls before they become crises.3. Ignoring the Cost of Compound Interest f...


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