Smart Financial Management: The Essential Reference for the Successful Small Business

Ten top tips to improve your financial management
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The item Smart financial management : the essential reference for the successful small business, William W.

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Smith, J. Crawford Charlottesville has extensive experience in banking and commercial finance and is currently a Visiting Lecturer at Darden. The ability of entrepreneurs to innovate relates to innate traits, including extroversion and a proclivity for risk-taking. Small businesses are particularly vulnerable to the problems caused by late payment especially with large corporate customers who can use their market position to dictate their own payment terms. This looks like a loan; the supplier has done work but the money it is owed at that date will—hopefully—arrive later, while the business customer is enjoying the benefit of goods and services without, at this point, having paid for them. A business plan gives financiers their first impressions of a company and its principals. If inflation is expected to average 7.

Davis represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Anaheim Public Library. This item is available to borrow from 1 library branch. Creator Sihler, William W. Language eng.

Extent viii, pages. Note Includes index. Isbn Label Smart financial management : the essential reference for the successful small business Title Smart financial management Title remainder the essential reference for the successful small business Statement of responsibility William W. Davis Creator Sihler, William W.

Dewey number Label Smart financial management : the essential reference for the successful small business, William W. Subject Small business -- Finance. Library Locations Map Details. Haskett Branch Borrow it. Library Links. Embed Experimental. Layout options: Carousel Grid List Card. Include data citation:.

How to Build a Better Business with Outsourcing

For very small businesses, Sparks recommends outsourcing from the very beginning. She suggests starting out with a bookkeeper and a virtual assistant, and growing the team from there. In her own business, Sparks now contracts with a virtual bookkeeper, a web designer, a ghost writer, a graphic designer, an executive assistant and a project manager. What to Outsource Chances are you're already outsourcing some business tasks, such as payroll administration or background and criminal checks for employment. And these days, almost any task can be outsourced, with so many qualified professionals leaving the corporate world to work as freelancers or contractors.

However, just because you can outsource a task doesn't mean you should. Before choosing which tasks you can farm out, take a hard look at your business and determine your strengths and values. So a small business that focuses on product design should not outsource anything related to developing its internal design talent or their design activities. But they should investigate all opportunities for outsourcing tangential processes like payroll services, IT and so on.

The types of tasks that are best outsourced fall into three general categories, according to Gregg Landers, director of growth management at CBIZ MHM , the nation's eighth largest accounting and business services provider. They include:. Finding the Right Contractors Before handing over the reins, be sure you're working with the right partner. While technology makes it much easier than it once was to find capable, reliable outsource providers, the selection process is still vitally important.

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A good starting place is your own network; ask other business owners or your accountant, lawyer, or banker if they can recommend a provider offering the services you need. Online networks like LinkedIn and Twitter make it easy to expand your personal networks and to ask for recommendations. In the absence of a good recommendation from a friend or acquaintance, there are other options. Thomas located outsource providers by placing ads on a work-at-home website and by submitting requests for proposals to professional trade organizations.

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Lanzalotto says that while local Chambers of Commerce usually can't recommend one provider over another, a professional association or trade group will often recommend the right partner for your needs. A number of online services such as oDesk , BidModo and eLance serve as virtual marketplaces for contractors and business owners to connect and begin working relationships. Jack Groetzinger, co-founder of SeatGeek. Along with a full-time staff of seven, SeatGeek now works with contractors scattered from the Philippines to Pine Bluff, Ark.

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When hiring freelancers , Groetzinger says he pays most attention to the feedback they've received from other employers. Outsourcing sites usually allow you to see how previous clients rated prospective vendors' work, as well as detailed profiles of the vendors. Whether you use a web-based marketplace, a personal referral, or a personalized matchmaking consultant, the key to identifying the right contractor is to know exactly what you're looking for. This is fine as long as there is a good match between what the small business wants and what the [provider] specializes in.

But many small businesses don't realize that there are large differences among outsourcing providers and select the wrong ones. An open and clear conversation with potential contractors regarding these key performance metrics is essential.

Smart Financial Management - The Essential Reference for the Successful Small Business

Making it Work After you've found a provider, your work isn't over yet. Even after you've checked references, "don't be afraid to put a little extra time creating a specific contract that outlines exactly what performance is expected," Resnick says. Communicate your expectations and the steps included in the job clearly; never assume that contractors are thinking what you're thinking. Even when you clearly state your expectations, "there will be a learning curve on the provider's side," Belcher adds. The provider will get better, and you will have the freedom to focus on more important tasks.

Your final responsibility as a successful outsourcer is to step back, relinquish control, and allow your new team members to do the job you've hired them to do. If you're used to doing everything yourself, consider delegating the management of outsourcing relationships to another member of your management team, a move that may help you let go, according to Resnick. Knowing your business is critical, but keeping yourself indispensable is reckless and un-scalable.

Realize that removing yourself from low-level operations is the smartest investment you can make in the long-term success of your business. Counting the Cost So what can you expect to pay a contractor for allowing you to rise above day-to-day tasks and build a better business? It depends on the type of work you're buying, the skill level and location of your provider, and your own preferences. While U.

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If you don't get the outcome you need, it doesn't matter how much time your contractor spent along the way. Consider distinct task-based agreements while you're evaluating new providers, and transition to a fixed-cost retainer once you're confident in their ability to consistently deliver.

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Smart Financial Management: The Essential Reference for the Successful Small Business. WILLIAM W. SIHLER. RICHARD D. CRAWFORD. HENRY A. DAVIS. Smart Financial Management: The Essential Reference for the Successful Small Business (): William W. Sihler, Richard D.

Facing the Challenges While outsourcing can yield great advantages for a small company, it's not without challenges. If you choose to work with offshore providers, language barriers and time zones can be difficult to deal with.

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However, Walsh says that focusing on making your own communications clear can help overcome confusion for those who are not native English speakers. And "time zones create more opportunity than inconvenience, as you can extend your productive hours by handing tasks over to someone during their workday," Walsh says.

Just as when you hire a new employee, there are security risks involved when handing tasks over to an outsourced provider. If contractors are handling credit card data, Gossels recommends reviewing their Payment Card Industry Data Security Standard compliance statement; if they are handling health or benefits information, review their HIPAA compliance statement. For a general sense of the contractor's security policy and practices, review their ISO compliance statement.

The Small Office Assistant's Thomas discovered the importance of protecting client data when one of her contracted virtual assistants stole a client from Thomas for her own virtual assistant business.