One of the problems of running a small business is that the small business owner gets to do everything himself – at least until he can afford to hire other people. Business management can be a particularly thorny area for people who don’t have any management experience and/or aren't familiar with management basics.
These business management basics provide an outline of four areas of business management most critical to small businesses. For each business management bascis area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management topic.
1) Money Management Basics
Is there anything more important to the success of your small business than managing the money? Money management should be your top business management priority.
Accounting
The first step in money management is tracking the money coming in and the money flowing out.
- Top Accounting Software Programs For Small Business
These top selling software programs simplify your small business accounting tasks, and provide all the reports and tools you need to effectively use your financial data.
- Before You Buy Accounting Software
Ease of use, the learning curve, and scalability are only some of the features you should consider when choosing an accounting software package that will meet the needs of your small business.
- Preparing A Balance Sheet
An explanation of the different sections of the balance sheet and a balance sheet template that you can use for your small business.
Cash Flow Management
Once you know how cash flows in and out of your small business, you’re ready to manage that flow.
- Cash Flow Management
A definition of cash flow management and an outline of the steps small businesses need to follow to develop a cash flow management system.
- Preparing Cash Flow Projections
An explanation of the difference between a cash flow statement and a cash flow projection, and a template that you can use to make cash flow projections for your small business.
- Close The Cash Flow Gap
The basics of cash flow management, including a simple way to make cash flow projections and how to improve your cash flow by shortening your cash flow conversion period.
- Doing Credit Checks Can Really Pay Off
Doing a credit check on a customer before you extend credit can save you money and buy you peace of mind. And the best credit check is an accurate credit report. Learn how and where to get credit reports in Canada.
Financing
Sooner or later, your business is going to need more money. From angel investors and private lenders through traditional sources of small business financing, figuring out where you’re going to get the money you need and managing your business’s debt is vital to good business management.
- Finding Small Business Financing
This guide to the different types of debt and equity financing will help you decide what kind of small business financing is right for you.
- How To Get A Small Business Loan
Increase your chances of getting a small business loan by being prepared to meet the lender's expectations. This explanation of the documents you need and how to prepare yourself will give you a better chance of making a winning presentation.
2) Business Planning Management Basics
While business planning is a huge part of business management, two aspects of business planning basics to focus on are managing the vision of your small business and protecting your small business from disaster.
Managing The Vision
Managing the vision means having long-range goals and objectives for your company and then planning how to achieve those goals. What do you want your small business to look like next year, three years, and five years down the road?
- What's a Vision Statement?
Get started crafting a vision statement that encapsulates your dream for your company's furture. - Quick-Start Business Planning
Put together a plan that will keep your business on track and invigorate your business over the course of the next year with this quick-start approach. - Setting Goals Is Just The First Step To Achievement
How to set specific goals that are designed to help you succeed and make it easy for you to evaluate your success. The secret is in the goal setting formula. - Advisory Boards - Management Power For Small Businesses
No business is too small to benefit from an Advisory Board and an Advisory Board can be a powerful management tool for your small business. Here's how to set up and use an Advisory Board. - Business Continuity Planning
A definition of business continuity planning with links to resources to help protect your business and manage crises. - Survive the Unthinkable Through Crisis Planning
About Management Guide F. John Reh provides an overview of crisis management and crisis communications.
Crisis/Disaster Management
Being prepared for the unexpected (and undesired) is another aspect of business management that you’ll want to devote some attention to.
There are two more business management basics on the next page. Click to continue reading.
