This is the twelfth article in a series about powering your small business through 12 areas of internal management.
Have you ever been so immersed in an activity that you lost all track of time? Artists and athletes describe it as “being in the zone”—it’s a state of hyper-focus that allows you to operate with precision and accuracy. Being in the zone enables an artist’s best work or an athlete’s best performance.
It’s equally important for you to find your zone as a small business owner or entrepreneur. This is the state where everything is running like clockwork and you are able to go full-speed ahead toward your goals. That sort of power is possible when your financial engine is firing on all cylinders.
Your financial engine needs regular attention if you want maximum power, which is why financial management is one of the key areas of internal management for small business owners to regularly assess.
Financial management is our specialty here at Officeheads. We design and build top-notch financial engines for our clients! Your financial engine sets the pace for the whole company—and makes all the other areas of internal management run in good order too. Financial management refers to the strategy and activities related to profitability, cash, expenses, and credit.
As you are likely well aware, money matters affect every aspect of your business. Regular review of your financial engine identifies concerning rough patches before they mushroom into major roadblocks.
We recommend a quarterly review of the following to keep your financial engine running tight. Here are a few ideas to get you started:
- Run an analysis of your current financial performance & compare it to last quarter, last year, etc.
- Review your financial roadmap to business growth to see if you are still on track—or if you need to plot a new course!
- Take time to prepare all your reports, budgets, & projections so you are ready to make sound decisions
- Evaluate your cash flow management & look for ways to improve it
Once you tighten up your financial engine, you’ll be ready to move ahead doing what you love to do—with the power behind you to actually do it! When you take care of your financial engine, you will be able to get in the zone and power through to achieve your business goals.
Are you ready to bring this area of internal management into line with your financial management goals? Officeheads is ready to help! We give entrepreneurs and creatives the financial tools, processes, and team needed to move their business ahead of the competition and onto solid financial footing. Reach out today to learn how we can get started.