25 Financial Management Tips for Entrepreneurs

checksuccessEntrepreneurs are experts in their field but when they first start out many do not expect to be responsible for so many financial decisions. The following list will help you consider what practices you may be overlooking and need to put in place.

  1. Setup procedures to get bookkeeping down to a science.
  2. Use projections to forecast cash flows.
  3. Build relationships with bankers.
  4. Get information on financing.
  5. Build a team of experts.
  6. Surround yourself with people who are smarter than you.
  7. Delegate to people who enjoy doing the tasks you hate.
  8. Get to know the main aspects of money management.
  9. Stay in the know about changes in your market conditions.
  10. Know what goes into a budget.
  11. Watch your costs closely.
  12. Aim to fund the business with adequate cash flow.
  13. Keep your financial ratios in line.
  14. Take a conservative approach to projecting sales.
  15. Remember that revenues and expenses rarely move at the same rate.
  16. Use marketing ratios to expand on what works.
  17. Find out what goes into a request for proposal.
  18. Build a credit profile for your company.
  19. Invest in assets to strategically add value to your business.
  20. Always put the company’s cash to work for you.
  21. Look for investment opportunities to multiply profits.
  22. Be careful when choosing debt over equity to cover the cost of growth.
  23. Make income producing activities a priority in your day.
  24. Understand what you are responsible for in accounting, tax and business law.
  25.  Learn to appreciate the value of numbers.

The use of knowledge is power. As you go forward, which of the tips can you implement now that will be most helpful to your business?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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3 thoughts on “25 Financial Management Tips for Entrepreneurs

  1. love this article!

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