I just realized that I neglected to include a link to an article on financial management for small businesses that I recently wrote for Entrepreneur.com. Here’s an excerpt:
Over and over I hear owners admit sheepishly, “I don’t do enough with the numbers.” If you merely keep up with the basics, you might avoid true financial disaster. But you’ll definitely miss opportunities to thrive if you don’t use your data to make strategic decisions.
If you’re thinking about starting a business but plagued by fear of the money side of things, please just let that fear go. A huge — huge! — number of successful business owners also loathe numbers and consider financial management a major weakness. But a big factor in their success is that they get over their fears and make sure their money is well-managed. Often they achieve this by hiring bookkeepers and accountants, and making a point to learn and improve their own financial management skills. Getting help is a perfectly good solution. And empowering yourself by learning over time is even better.
Read the whole thing at Entrepreneur.com.