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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Bernard ReberBack in late 1992, MS Access hit the streets. About that time the company I managed needed new software to handle their growing client base and I decided to try this new product. I had little difficulty writing and adapting a database to suit us and discovered a hidden talent for programming. A business was born. With business studies and 25 years of management experience in three different countries under my belt, I could offer a unique combination of skills and my customers agreed. From these humble beginnings my software 'invoiceit' emerged in 1999 and has since been taken to 49 states (hello Wyoming, won't you join us?), all across Canada and more than 70 other countries. From the very beginning the program included cashbook accounting, the simplest form of keeping financial business records. The Dictionary.com defines 'cashbook' as "A 'book' in which to record money received and paid out". For 'book' substitute 'simple software' and that's what I'm about. Now I have published Simple Accounting, an inexpensive spreadsheet solution which even you can master. For just $14.95 it costs less than a takeout meal! More at http://www.scrambled-card.com/simple_accounting_main.htm - Visit Bernard Reber'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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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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Dr. John OdaJohn Oda Ph.D NLP is a business peak performance expert, an author, and speaker frequently called upon to provide corporate training, workshops and seminars for many companies in the United States. He is an expert in coaching sales and business professionals in overcoming the behaviors and obstacles that may impede their sales results and affect their bottom line. Since 1995, John has created a speaking bureau such topics, which include: time management, sales training, human diversity, leadership programs and etc. He provides companies with a strategic plan to increase their bottom line by over 25 percent yearly. - Visit Dr. John Oda's Website |
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