In this episode, Eric, David and Jim Wilkerson discuss basic concepts for small business finance management. Key points include:
- Effective planning is critical.
- Revisit your plan often and make corrections as needed.
- Leverage finance software to streamline your operations.
- Plan for and allocate resources for unexpected events.
- Utilize expense management tools and resources.
- Minimize risk and tax liability.
Action items include:
- If you don’t already have a documented budget for this year, build one ASAP.
- If you’re still managing from spreadsheets and paper docs, it may be time to upgrade.
- Ensure your plan accounts for setbacks and growth.
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