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10 Essentials for Every Business - Infographic

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Every day you’re laser focused on the demands of your business. It’s all too easy to lose sight of fundamentals that are not clamoring for your attention at the moment. You may know what they are, but understanding is only half the battle—executing on what you know is what gets the job done.


#1 CHOOSE THE RIGHT ACCOUNTING METHOD

Cash Accounting Vs. Accrual Accounting


#2 OPTIMIZING CASH FLOW

+ Examine Purchase Agreements
+ Managing Accounts Receivable
+ Measuring Cash Flow
+ Consider Credit Over Cash


#3 INVOICING & COLLECTION BEST PRACTICES

+ Remote Deposit Capture
+ Merchant Services
+ Lockbox Services
+ Automated Clearing House (ACH) Services


#4 FINANCING GROWTH

+ Examine Short-Term Funding Needs
+ Prepare for Growth
+ Know That Financing Equipment Can Be Different


#5 PREPARING FOR “WHAT IFS”

Evaluate your business for potential vulnerabilities.


#6 SUCCESSION PLANNING

Proactive succession plan is vital:

+ Identify in-house candidates for top positions
+ Put a transition strategy is in place
+ Outline a process for finding and training successors


#7 MANAGING RISK INSURANCE

Key person insurance is especially important:

+ If seeking a loan or investment
+ If planning a merger or public offering


#8 TRY THESE EFFECTIVE TIME MANAGEMENT TIPS

+ Keep Personal & Business Accounts at the Same Bank
+ Use Mobile Banking to Manage Day-to-Day


#9 RETIREMENT PLANNING

+ Responsibility is Yours
+ Review Options Periodically
+ Use an Independent Advisor


#10 POWERING BUSINESS WITH MARKETING

+ Create a Client Referral Program
+ Use Social Media
+ Differentiate Value Proposition
+ Try Direct Marketing