How to Manage Your Finances

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[ ]  Develop and regularly update effective business plans

[ ]  Hire a knowledgeable accountant

[ ]  Establish positive banking relationships

[ ]  Understand and prepare for business taxes

[ ]  Secure appropriate business insurance

[ ]  Develop and regularly assess effective marketing and sales programs

[ ]  Regularly monitor pricing, discounts, contracts, credit and collections

[ ]  Train employees efficiently

[ ]  Assess key business indicators on a daily, weekly, monthly and annual basis

[ ]  Develop and monitor balance sheets, profit and loss statements, cash flow projection statements

[ ]  Monitor assets, including current assets, fixed assets, revenue, revenue per client

[ ]  Monitor liabilities, including current liabilities, cost of sales, operating expenses, fixed costs, owner’s equity

[ ]  Track gross and net profits, gross and net profit margins, return on investment

[ ]  Adjust plans according to your assessment of these business indicators

[ ]  Establish sources of capital for growth

[ ]  Monitor economic and industry developments that may affect your business

[ ]  Assess seasonal and cyclical effects on your business

[ ]  Do regular strategic planning with your staff

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