• Budgeting & Cash Mgmt.

  • Arm Yourself with Financial Acumen

    Budgeting and Cash Management are mainstays for any business.  It is imperative to maintain at all times a working knowledge of your business's financial status and to understand how your actual costs compare to your budgeted projections.  The lack of this knowledge can mean a bleak forecast for your business.  When was the last time you sat down and reviewed your business's financial standing?

  • Financially Educate Yourself to Eliminate Costly Surprises

    Knowing where your business stands financially at all times should be a high priority for EVERY business owner.  This information will allow you to make informed decisions related to territorial expansion, creation of new services or products, hiring of necessary and key employees, purchases of new equipment or technology, etc.

    Making business decisions without an understanding of where your company is financially is ill-advised and can have a devastating impact on your business.  This is especially true for most small businesses and solopreneurs that often do not have enough of a financial safety net to recover from a poor business decision.

  • Know and Understand Your Financial Reports

    One way to build your appreciation for financial awareness is to study and understand your income statement, balance sheet, and statement of cash flows on a monthly basis.  There are additional financial reports that you should review as well, such as your aging accounts receivable, and budgeted v. actual.

    Reviewing your financial reports on a regular basis will allow you to comprehend where your business is strong and where it is weak.  They will let you know which services or products are performing well or poorly.  They will tell you which clients or customers are behind on their payments, thereby causing a strain on your cash flow.

    So much information can be gleaned from your financial reports.  Don't allow yourself to make important business decisions without first consulting your current financial statements.