Recap: Managing a Small Business

Your coaches summarize the key points you’ve learned.

Instructional Text

Successful small business managers are constantly learning and adapting to change. Let’s recap the key points we’ve covered: Image Description
First, there are six critical skills for small business management. The better you do these, the greater your chances for success. Image Description
Second, 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. Image Description
Remember 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. Image Description
If you need to borrow money, there are several potential sources, including the SBA. Use them as a resource for lots of other helpful services, too. Image Description
Last 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. Image Description
We hope these management fundamentals help you succeed. Good luck! Image Description

  • 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
  • Legal information. To learn more about increasing the size and profitability of your company, see the topic Growing a Small Business.
    Recap: Managing a Small Business