Money Management & Business Planning Basics

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One of the problems of running a small business is that the small business owner gets to do everything himself — at least until he can afford to hire other people. Business management can be a particularly thorny area for people who don’t have any management experience and/or aren’t familiar with management basics.

These business management basics provide an outline of four areas of business management most critical to small businesses. For each business management bascis area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management topic.

1) Money Management Basics

Is there anything more important to the success of your small business than managing the money? Money management should be your top business management priority.

These top selling software programs simplify your small business accounting tasks, and provide all the reports and tools you need to effectively use your financial data.

• Before You Buy Accounting Software

  Ease of use, the learning curve, and scalability are only some of the features you should consider when choosing an accounting software package that will meet the needs of your small business.

• Preparing A Balance Sheet

  An explanation of the different sections of the balance sheet and a balance sheet template that you can use for your small business.

Once you know how cash flows in and out of your small business, you’re ready to manage that flow.

A definition of cash flow management and an outline of the steps small businesses need to follow to develop a cash flow management system.

• Preparing Cash Flow Projections

  An explanation of the difference between a cash flow statement and a cash flow projection, and a template that you can use to make cash flow projections for your small business.

• Close The Cash Flow Gap

  The basics of cash flow management, including a simple way to make cash flow projections and how to improve your cash flow by shortening your cash flow conversion period.

• Doing Credit Checks Can Really Pay Off

  Doing a credit check on a customer before you extend credit can save you money and buy you peace of mind. And the best credit check is an accurate credit report. Learn how and where to get credit reports in Canada.

Sooner or later, your business is going to need more money. From angel investors and private lenders through traditional sources of small business financing, figuring out where you’re going to get the money you need and managing your business’s debt is vital to good business management .

This guide to the different types of debt and equity financing will help you decide what kind of small business financing is right for you.

• How To Get A Small Business Loan

  Increase your chances of getting a small business loan by being prepared to meet the lender’s expectations. This explanation of the documents you need and how to prepare yourself will give you a better chance of making a winning presentation.

While business planning is a huge part of business management, two aspects of business planning basics to focus on are managing the vision of your small business and protecting your small business from disaster.

Managing The Vision

Managing the vision means having long-range goals and objectives for your company and then planning how to achieve those goals. What do you want your small business to look like next year, three years, and five years down the road?

Get started crafting a vision statement that encapsulates your dream for your company’s furture.