Money management is a challenge for any small business but micro businesses have even more challenges due to limits on resources like time and resources.  In this episode, Lisa talks about these challenges and gives listeners some tips they can use to manage their money more effectively.  Listen to find out her 3 big tips for owners of micro businesses to help them overcome the challenges they face running their business.

Key Points

*Lisa discusses the characteristics of a typical micro business and explains how those characteristics relate to the challenges they face running their business.

*Cash flow is one of the biggest challenges in micro businesses and is further complicated by the dependence on the owner and the owner's time.

*She also discusses the struggles of some first time entrepreneurs especially in the area of access to funds.

*Some owners of micro businesses can struggle with a lack of financial experience and knowledge which can impact their ability to understand their true financial picture.

*Lisa stresses that entrepreneurs starting out need to be careful of overly optimistic sales forecasts and be prepared with enough money to weather the start of their business.

*She gives tips on how much cash a business owner should plan to have set aside to weather the ebb and flow of their sales and be able to manage both their personal and business finances.

*We discuss some of the reasons entrepreneurs struggle with on the numbers side of their business and gives tips on getting help.

*Lisa talks about the challenge of managing money and cash flow along with the key information in your business that will help you do that.

*She stresses the importance of keeping books and records updated and how to ensure accurate access to money and financial information.

*We talk about the importance of how budgets can help entrepreneurs manage their spending and make good return on investment decisions for their business.

Resources and Links

Here are some episodes to take some of the topics discussed a little deeper.

Rotten Recordkeeping: What You Need To Do About It

Managing Cash Flow with a Forecast

My Best Advice for Collecting Your Cash

Growing Growth and Spending: What You Need To Know

Quick Care Consultation

If you'd like to talk to Lisa about this subject or any operational issue you're having in your business then set up a time to talk with her by following this link.

About Lisa Roberts Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way.  She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.