Essentials for Every BusinessEvery 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.

10

CHOOSE THE RIGHT ACCOUNTING METHOD

CASH ACCOUNTING

VS. ACCRUAL

ACCOUNTING

#1

+ EXAMINE PURCHASE AGREEMENTS

+ MANAGING ACCOUNTS RECEIVABLE

+ MEASURING CASH FLOW

+ CONSIDER CREDIT OVER CASH

OPTIMIZING CASH FLOW #2

+ REMOTE DEPOSIT CAPTURE

+ MERCHANT SERVICES

+ LOCKBOX SERVICES

+ AUTOMATED CLEARING HOUSE (ACH) SERVICES

INVOICING & COLLECTION BEST PRACTICES#3

FINANCING GROWTH #4

+ EXAMINE SHORT-TERM FUNDING NEEDS

+ PREPARE FOR GROWTH

+ KNOW THAT FINANCING EQUIPMENT CAN BE DIFFERENT

EVALUATE YOUR BUSINESS FOR POTENTIAL VULNERABILITIES

#5 PREPARING FOR “WHAT IFS”

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

#6SUCCESSION PLANNING

KEY PERSON INSURANCE IS ESPECIALLY IMPORTANT + If seeking a loan or investment + If planning a merger or public offering

#7 MANAGING RISK INSURANCE

TRY THESE EFFECTIVE TIME MANAGEMENT TIPS

+ KEEP PERSONAL & BUSINESS ACCOUNTS AT THE SAME BANK

+ USE MOBILE BANKING TO MANAGE DAY-TO-DAY

#8

RETIREMENT PLANNING#9

+ RESPONSIBILITY IS YOURS

+ REVIEW OPTIONS PERIODICALLY

+ USE AN INDEPENDENT ADVISOR

POWERING BUSINESS WITH MARKETING

+ CREATE A CLIENT REFERRAL PROGRAM

+ USE SOCIAL MEDIA

+ DIFFERENTIATE VALUE PROPOSITION

+ TRY DIRECT MARKETING

#10