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Interview Patty

Organizing And Managing Your Company's Finances

Financial Strategies for Small Business

1. - Take advantage of today’s technology. - Today, businesses have more than two choices

instead of going full bore with an accountant or heavy-duty software, there are a number of “third path” options that rely on easy-to-use technology.

2. - Stay organized by setting aside a regular time to review your numbers every week. - Too many business owners think about their finances only when it’s time to pay taxes. The problem is that important decision points occur organically, not just around tax season. One solution is to set aside time each and every week to review your finances. It doesn’t matter if you’re simply checking your current cash flow situation or reviewing your performance relative to a peer group. The important thing is that you’re making financial management part of your routine. While it may seem tedious at first, the behavior will pay off in the long run.

3. - Use the FOGS framework when evaluating decisions. - The FOGS framework stands for Finance, Operations, Goals, and Strategy. When making a decision, think about the financial impact, how it will affect your operations, whether it furthers your goals, and if it aligns to your strategy. This framework is at the core of every successful business, whether they know it or not.

4. - Finally, never lose sight of the big picture. - Every entrepreneur is looking to maximize value. While the definition of value can differ from person to person, more often than not it’s the financial value of the business that entrepreneurs really care about. It’s the culmination of everything that is going on in a business: where it has been in the past, where it stands today, and where it’s going in the future. Keeping an eye on the big picture of your business can help you stay motivated and engaged in managing your finances.

Source: Forbes

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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Financial Strategies for Small Business.

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