Biz Tip #3 – Know your Cash

In a world where 1 out of 10 small businesses make it to 5 years, lets take a look at 10 tips for Small Businesses.  I have had a close-up view of numerous business successes and failures — including a few of my own.

Know your cash. You, (the business owner) should have an eagle eye on the profit, loss, assets, liabilities and equally important the cash flow of the business.  You know where the money is going , where it came from and where it has been.  If book keeping is a struggle, hire a book keeper for a few hours a week, and timely review your financials with your book keeper.  Biggest key is to not abdicate responsibility to someone else, you yourself must understand the flow of your cash.

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