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Assignment 2: Expanding Your Business - Research Paper Example

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Many people have realized the potential for financial growth and freedom that exists in excellent management and success of business activities. The…
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Assignment 2: Expanding Your Business
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Download file to see previous pages In this regard, they can come up with effective strategies and approaches that can ensure the success of their businesses.
For small businesses, it is important that business owners and managers understand ways of managing some of the factors that often cause stumbling blocks to most start-ups. For a long time, research has shown that many small businesses often fail before they reach their third birthday, which means that business managers and owners have a lot to do in realizing that they enable their businesses to succeed. This paper examines some of the strategies that can be used in ensuring the success of small businesses.
One of the main ingredients that cause the success of most small businesses is an effective strategy for financial management. Having an effective financial plan often means that a business can effectively manage its expenses, which include paying its staff, buying office supplies and other tools and equipment for the business. Additionally, the process involves effective management of income and other kinds of revenue, so that the business can have an effective system by which it can increase its financial strength.
In creating an effective financial plan for the business, business managers have to ensure that they put in place effective systems of ensuring stable income for the business, which could be from its sales. By managing the sales revenue, the business can put its liabilities in check so that it has a good working capital and asset base that can give it an upper hand in negotiating for additional finance from financial institutions.
Proper financial management requires that the business adopts proper systems for tracking the daily expenses and revenues (Burns (2007). This involves effective systems of record keeping, so that even the tiniest financial matters can be accounted for in the success of the business. The business owners should conduct a periodical auditing of the books of accounts so that any errors can ...Download file to see next pagesRead More
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