Scaling a startup or any new business is one of the most important goals for an entrepreneur. One of key elements of success in this regard is financial prudence. What is Financial Prudence? In layman’s terms, financial prudence is simply the practice of carefully managing your available funds. For instance, not overspending or spending unnecessarily on things that you don’t need makes you financially prudent. What is Financial Prudence in Business? When it comes to business, financial prudence counts as the optimal and careful management of available capital by keeping a watchful eye on your expenditures and avoiding the wastage of capital through careless or unnecessary transactions. Minimizing your business overheads by maintaining efficiency and utilizing your resources to their maximum capacity in order to conserve capital is an example of being financially prudent in business. Why is it important? While becoming profitable in a new business might be a…