It’s always good to remember some financial basics as you manage your business. Having an accurate picture of your financial standing is crucial at all times. Equally important is to have a solid team of outside advisors whom you could often meet and learn from. Understand financial statements and use financial analyses to help you make the right decisions.
Take time to prepare, review and adjust your cash flow projections. Monitor and resolve issues immediately in the areas that affect cash flows such as your accounts receivable and inventory turnover. Arrange for loans and lines of credit before you need it.