Top 5 must haves entrepreneurs need to know about managing a company's finances
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What entrepreneurs and small business owners need to know about managing their company's finances so they can continue to grow and stay aware of possible problems before they happen.
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Top 5 must haves entrepreneurs need to know about managing a company's finances
- 1. Photo by Patrick Denker licensed by creative commons no changes were made Top 5 ‘Must Haves’ Entrepreneurs Need To Best Manage Their Company’s Finances
- 2. It’s more than cash flow. Photo by Elvert Barnes licensed by creative commons no changes were made
- 3. There are plenty of challenges... Photo by blah blah photos...blah blah blah licensed by creative commons no changes were made
- 4. Even more so if you don’t have financial training Photo by Mitch Barrie licensed by creative commons no changes were made
- 5. Here’s What You Need to Do
- 6. Learn basic accounting Photo by cbertel licensed by creative commons no changes were made
- 8. Master the “Gospel of Cash Flow” Photo by Valerie Everett licensed by creative commons a filter in photoshop was applied It starts with revenue generation
- 9. Get paid early: Deposits, early payment discounts, milestone payments... Photo by Brad Clinesmith licensed by creative commons a filter in photoshop was applied
- 10. Defer payments till the last day of terms Photo by aaronisnotcool licensed by creative commons a filter in photoshop was applied
- 11. Key metrics Photo by nosha licensed by creative commons a filter in photoshop was applied
- 12. Numbers that tell you you’re a-ok or in trouble Photo by Kevin Thai licensed by creative commons a filter in photoshop was applied
- 13. Two metrics you should track regardless Photo by David Holt licensed by creative commons a filter in photoshop was applied
- 14. #1 must watch metric: Net forecasted cash flow Photo by William Murphy licensed by creative commons a filter in photoshop was applied “The difference between cash in and cash out”
- 15. #2 must watch metric: 30 days sales forecast & backlog Photo by Valerie Everett licensed by creative commons a filter in photoshop was applied
- 16. Key metric example: Manufacturing company “Cost of Goods Sold (COGS)”
- 17. Key metric example: Distribution company Photo by steve gibson licensed by creative commons a filter in photoshop was applied “Shipping costs”
- 18. Costs impact other costs or revenue Photo by Nahid V licensed by creative commons a filter in photoshop was applied
- 19. Think through any decision to cut costs or spend money “Spending $1K on a new computer makes your employee more productive” “Versus spending 1K on a new conference table to impress customers”
- 20. Prove that you can manage capital Photo by epSos .de licensed by creative commons a filter in photoshop was applied Before asking for someone else’s
- 21. Photo by Pixabay.com Go to my blog for more advice