Cash Flow Management.
Cash flow management is the process of monitoring, analyzing, and adjusting our business' cash flows. For small businesses, the most important aspect of cash flow management is avoiding extended cash shortages, caused by having too great a gap between cash inflows and outflows. Therefore, we need to perform a cash flow analysis on a regular basis, and use cash flow forecasting so we can take the steps necessary to head off cash flow problems. The second step of cash flow management is to develop and use strategies that will maintain an adequate cash flow for our business. One of the most useful strategies for small businesses is to shorten our cash flow conversion period so that our business can bring in money faster. (Ward, 2011)
3. Financing. Sooner or later, our business is going to need more money. From angel investors and private lenders through traditional sources of small business financing, figuring out where we‘re going to get the money we need and managing our business's debt is vital to good business management.
4. Managing Vision. Managing the vision means having long-range goals and objectives for our company and then planning how to achieve those goals.
5. Crisis/Disaster Management. Being prepared for the unexpected (and undesired) is another aspect of business management that we want to devote some attention to.