Financial Management
Financial Management
First of all, we all know the saying hindsight is 20/20. But I like to believe that foresight can be 20/20 too. The most important key to running your business on sound financial ground is to be prepared. Anticipate not only the good times but also the bad – after all, I would bet that you’re sure to experience both down the road. Much like you need to be prepared when making a pitch to a potential venture capital investor, you need to prepare yourself – and your business – for the fiscal road ahead.
Secondly, and this may be a no-brainer to many, conserve, conserve, conserve. People are often surprised to see just how much they really can put away for a rainy day. And not only does having an emergency cash fund help you meet your own needs down the road, but it also looks good should you ever be making presentations to investors. They want to know that you’re not burning money or needlessly running of money on a constant basis.
Thirdly, a strategy of sound financial management means being committed. You need to learn to stick to budgets, financial plans, investment strategies, bill payments, and so on. Just like you can’t be late on a debt payment, you can’t venture outside of your budget when it comes to personal or frivolous expenses. Spend only what you’ve committed to spending and no more. Likewise, save what you’ve committed to saving and no less.
No matter how many night courses they take, many entrepreneurs find that they just can’t get a handle on their finances by themselves. It’s never too late to ask for help, except when you’ve already run your business into the ground. If you know you need some expert advice, get if while they can still help you. And get it before your business hits tough financial times; you need a strategy in place beforehand to get you through it.
Just like it can take what seems like ages to obtain the necessary financing, it can seem like ages building up a sound financial strategy. These days it’s not just about saving and spending; it’s about so much more. In order to compete, your business needs to be on solid financial footing. Plant the seeds and get the wheels in motion. Be patient while things get moving.
We may not like hearing about financial management, but unless we heed its call, we’re bound to find ourselves, and our businesses, floundering in a sea of spreadsheets that we know nothing about.
Financial Management - To learn more about this author, visit Bob Ready's Website.
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Most entrepreneurs I know have taken few, if any, business courses. They are creative, imaginative, and ambitious to no end, but they couldn’t tell you the first thing about what sound financial management means. If you’re not one of those entrepreneurs, then read no further. Go about your merry sound financial management way. But, if you’re one of those entrepreneurs who are finding themselves drowning in the spreadsheets and jargon of the financial world, keep reading for tips on how to stay afloat.
First of all, we all know the saying hindsight is 20/20. But I like to believe that foresight can be 20/20 too. The most important key to running your business on sound financial ground is to be prepared. Anticipate not only the good times but also the bad – after all, I would bet that you’re sure to experience both down the road. Much like you need to be prepared when making a pitch to a potential venture capital investor, you need to prepare yourself – and your business – for the fiscal road ahead.
Secondly, and this may be a no-brainer to many, conserve, conserve, conserve. People are often surprised to see just how much they really can put away for a rainy day. And not only does having an emergency cash fund help you meet your own needs down the road, but it also looks good should you ever be making presentations to investors. They want to know that you’re not burning money or needlessly running of money on a constant basis.
Thirdly, a strategy of sound financial management means being committed. You need to learn to stick to budgets, financial plans, investment strategies, bill payments, and so on. Just like you can’t be late on a debt payment, you can’t venture outside of your budget when it comes to personal or frivolous expenses. Spend only what you’ve committed to spending and no more. Likewise, save what you’ve committed to saving and no less.
No matter how many night courses they take, many entrepreneurs find that they just can’t get a handle on their finances by themselves. It’s never too late to ask for help, except when you’ve already run your business into the ground. If you know you need some expert advice, get if while they can still help you. And get it before your business hits tough financial times; you need a strategy in place beforehand to get you through it.
Just like it can take what seems like ages to obtain the necessary financing, it can seem like ages building up a sound financial strategy. These days it’s not just about saving and spending; it’s about so much more. In order to compete, your business needs to be on solid financial footing. Plant the seeds and get the wheels in motion. Be patient while things get moving.
We may not like hearing about financial management, but unless we heed its call, we’re bound to find ourselves, and our businesses, floundering in a sea of spreadsheets that we know nothing about.
Financial Management - To learn more about this author, visit Bob Ready's Website.
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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