Financial management

Running a business can be a stressful and difficult process. A fundamental factor to help succeed in the survival stage of setting up a new business is for a business owner to use their skills in practicing successful financial management.

Financial management skills include having knowledge or experience with credit, learning how to manage budgets, and limiting the usage of credit. Proper financial management ensures that businesses maintain stability in their operations. It involves maintaining accurate records, tracking cash flow, and managing expenses and revenues. With a solid financial foundation, businesses can navigate economic downturns, unexpected expenses, and cash flow challenges.