Finance Essentials for Small Business – Jim Stice & Kay Stice

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Manage your small business successfully with these finance essentials from accounting professors Jim and Kay Stice. They explain the five reasons so many small businesses fail and outline strategies—such as tracking your accounting, managing your operating cycle, and forecasting cash flow—that will help you manage your small business better. They also provide valuable perspective on pricing strategies and the dangers of fast growth.

Topics include:

• Describe the most common reason small businesses fail.
• Identify two reasons why your business plan needs to budget cash inflows and outflows for the first six months of your business’s operation.
• Write the formula to forecast cash flow for the first four months of your small business.
• Explain the first step you should take if your new small business is not making the profit you anticipated.
• Identify the most important thing to keep in mind if you are considering faster growth for your small business.