Recap: Managing a Business

Your coaches summarize the key points you’ve learned.

LuisSuccessful small business managers are constantly learning and adapting to change. Let’s recap the key points we’ve covered:

MichaelFirst, there are six critical skills for small business management. The better you do these, the greater your chances for success.

LuisSecond, you need to manage the money in your business, and banks can really help you. Take advantage of their small business products and services. Set-up a straightforward bookkeeping system. Create your own management reports to clearly see progress and anticipate problems.

MichaelRemember that in addition to managing your cash, you also have to manage cash flow. Creating a budget, controlling your expenses, and compensating yourself wisely are three more ways to keep your business in good financial health.

LuisIf you need to borrow money, there several potential sources, including the SBA. Use them as resource for lots of other helpful services, too.

MichaelLast but not least, investing your savings in a retirement plan can reward you for your efforts as a small business owner. But be sure to consult a retirement plan expert.

LuisWe hope these management fundamentals help you to succeed. Good luck!
 

Key points to remember

  • Six critical skills: planning, buying, producing, selling, tracking, managing
  • Establish bank accounts & services
  • Keep bookkeeping simple
  • Create a business budget
  • Set-up & review management reports
  • Track cash flow
  • Control expenses
  • Compensate yourself wisely
  • Take advantage of SBA resources
  • Consult a retirement plan expert

To learn more about increasing the size and profitability of your company, see the topic Growing a Business.

The information contained herein is being provided as-is and without representation or warranty. The enclosed information is not intended as legal advice and any discussion of tax or accounting matters herein (including any attachments) should not and may not be relied on by any recipient or reader. The recipient/reader should consult his/her tax adviser and/or accountant for a statement of tax and accounting rules applicable to his/her particular situation and for all other tax and accounting advice.

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