‘‘Not aligning my business cash flow and stock.’’ Adam Watson, Director of Hollywood Mirrors.

’My biggest money mistake was not knowing how to manage cash flow when starting out. Our products take 4 months to produce and customers must place a minimum order of 400 mirrors at a time. This ties up a considerable amount of money. Plus, as our first lot of mirrors sold so quickly it left us with no stock to sell.

The biggest mistake we made was not accounting for the time it takes the goods to arrive to us. This left us wondering how we were going to pay outstanding bills when we run out of stock and had nothing to sell.

Cash flow can be a juggling act when starting out and unexpected costs can rise so it’s best to have a detailed budget before starting out, plus, 10% for emergencies only.’’

‘‘Buying unnecessary items for the office’’ Alexander Winston, Managing Director of PPC Protect.

‘‘Being a business owner, I'd have to admit that there are a few things I've spent money on which ended up being a mistake. From software and services to unusable office items, looking back there are a few things I wish I never bought.

Our office is a relaxed environment and we like to offer employees lots of perks while working for us. To help employees relax during their break we decided to set up a chill-out area with a TV, PS4, and bean bags. As good as an idea it sounded, in the end, hardly anyone uses it so now we just have a big TV and PS4 that nobody uses. Looking back, I would have used the money to buy something that would get more use, like a big drinks machine or candy stall.’’

‘‘Creating a product with no distinct customer base will cost you.’’ Ross Cohen, co-founder of BeenVerified.

‘‘I wish I knew how important it is to take time to research and pinpoint your target market. The toughest business lesson I learned was don't spend years developing a product that doesn't have a distinct customer base, as that could be a huge way of losing money. Also, if you do put time aside to research and pinpoint your target market, make sure you budget for it as the hours spent researching will cost you. Time is money!’’

‘‘Not signing a confidentiality agreement and losing money protecting our brand.’’ Grainne Kelly, founder of the award-winning BubbleBum inflatable car booster seat.

‘‘The biggest mistake I ever made was expecting that others would have the same degree of integrity as I do. I visited a Chinese factory with my original design and did not ask them to sign the confidentiality agreement before sharing my design. While I was sitting in their office, the Managing Director drove to Shanghai, 3 hrs away, and applied for a utility patent. Although creating a confidentiality agreement would have cost a small amount of money, we’ve had a huge financial hit protecting our brand from not creating one in the first place. Now, I don’t talk to anyone about anything without first signing a confidentiality agreement.’’