Becoming an entrepreneur...means taking on many roles. In addition to selling, producing, managing and communicating, you will need to know how to manage your business. Management is not only about "accounting" per se, but about organizing your human, material and financial resources. Learn more in this article.
Be a player in your business management
Everything that gets measured gets improved. That's why you need to be in the driver's seat from the start of your business. This will allow you to understand how your business works, to avoid bad surprises (tax deadlines, supplier payments, etc.) and to know the different levers to develop your business. You can find more interesting information here. Having a good grasp of the management of your business will help you make the best decisions, and achieve your goals defined in your business plan.
Keep your accounting up to date
Don't think of it as a constraint, but rather as an aid to steering your business. Even though your CPA will be present, it is important that you do not lose interest. This will allow you to dialogue with him freely on the analysis of business performance, the preparation of your budget forecasts, and the state of your cash flow...
Be vigilant about your payment lags
Not anticipating payment lags between your customers and suppliers can be fatal for the company! This is an extremely important data for the good management of your cash flow. Because a growing company, which does not control its cash flow, can quickly close its doors. In order to cope with possible financial problems, you can create cash flow forecasts, negotiate a larger overdraft with your bank, or build up a working capital requirement more appropriate to your business.
Be sure to keep track of your quotes and invoices
Don't "stick your head in the sand" because cash flow is the lifeblood of your business. On the contrary, be reactive and proactive! When the customer's needs are clear and precise, the estimate must be sent within 48 hours, with a validity period. Create a relationship with your interlocutor (decision-maker), to know if he has received the estimate and that you are at his disposal if he has any questions. Then, a reminder at the end of the period of validity of the estimate will be to carry out.