When you have your own business and it is successful it takes over your life. As the business grows it takes more and more time. When you are in business a commitment to work long hours is a given. As you struggle to continuously build and grow your business, be aware of feeling overwhelmed and consumed by the business. It’s critical to take time off even a personal day to rejuvenate yourself. It gives you time to think about things without the stress of the day to day business. New ideas will come to you when you are away and have an opportunity to look at other businesses similar to yours in other cities and countries. Consider taking courses or seminars to enhance your skills and expertise that can be implemented to make the business more manageable and efficient. Send employees to courses and seminars to enhance their skills which will empower them. It is a perk that will be well worth the investment.
A problem many business owners face is the fear that something will go wrong when they are away and that their employees will not manage the business as well. With so much to take care of, how can an entrepreneur ever relax?
According to a survey conducted by American Express, 40 percent of the smallest business owners—those with less than $200,000 in annual revenues—plan no vacation time whatsoever in any given year. And even those who do get away regularly check in with their office and worry about the business and all the things that can go wrong.
In many cases business trips end up being the vacation. It is never relaxing and when the entrepreneur comes back to the office the work is piled up and catching up takes days. more…
Do you know it all? Especially, when it comes to finance the answers is most often–no. Make this the month you decide to surround yourself with a support system to bring you financial know-how.
1. Get a CPA. Even if you only meet twice a year, once for tax planning and once to do your taxes–you gain knowledge, get good advice and your taxes are prepared properly. That is a whole lot of value for a reasonable investment.
2. Put in place a standardized financial record-keeping system. At its most basic level, really know what’s flowing in and out of the business. Pay your bills on time easily. And, track collections and collect payments. Quickbooks is a popular accounting software and the one used by many accountants, so you may want to pick a system your accountant uses. It makes it easier to transfer data & get your chart of accounts set up.
3. Learn more about finance. Get a basic understanding of key financial decisions for your business. Learn what different accounting reports tell you and why it matters. Most of all get a handle on the relationship between sales, expenses, cash flow and net profit.
This is where SCORE can really help. SCORE mentors both the corporate execs. and entrepreneurs have a good understanding of cash flow, business finances and how to plan systems to make it easier to succeed. Visit For articles, templates, tips cash flow/cash reserve visit Accelerate Your Cash.
You can meet with a SCORE mentor in your community face-to-face to have the conversation that helps provide know-how in business finance. Find SCORE near you.
Online you can Ask SCORE questions about finance and cash flow that can help answer a burning question and give you some perspective that can aid you in managing cash flow.