The following six things will help you manage and expand your business:
- Marketing: Customers need to know the business exists and what you are selling!
- Sales: Ensure payment for products or services is received as close to the delivery of same as possible. You have a much higher chance of getting paid.
- Increasing or decreasing Sales: Without this information how can a business take action to resolve the issues around the sales?
- Expenses: Track and measure your expenses against your sales. Take immediate action if you are unable to pay creditors.
- Effective Bookkeeping: Recording sales and expenses and recognizing patterns will assist the owner with business decisions.
- Reconcile the Bank and Credit card statements on a monthly basis.
These 6 actions, if taken on a regular basis, will provide much needed information for making the crucial decisions in growing your business.