Is Your Small Business Set-up for Financial Success?

July 24, 2018 by OSYB Staff

Most entrepreneurs are confident that they have a product or service that is necessary, saleable and will be extremely successful.  The reality is that many businesses experience short-term success but are unable to maintain an upward trajectory.  Intuit QuickBooks shares some strategies to utilize to ensure that your small business maintains sustained financial success:

• Understand what you don’t know – constantly work on improving yourself
• Document your procedures and expenses – write your procedures and maintain expense systems
• Work backwards from sales and profit goals – when you know what your sales and profits goal are you can figure out what you need to do to achieve them
• Create a business plan – spend time to create a detailed business plan, it will save time and expense in the future
• Identify the key growth triggers in your growth plan
• Fix what is broken in your current business model
• Minimize your company’s growing pains – be thoughtful in planning and executing your strategies for success

As you know, running your own business requires, time, energy and financial resources.  Use some of these mindful strategies to build a strong foundation for your small business’s continued success.

For more information:  How to Set Your Small Business Up For Financial Success

Image Credit:  Deposit Photos