Issue link: https://www.ascpskindeepdigital.com/i/581665
Create your free business website! www.ascpskincare.com 39 ascp and you: skills to master One of the most important aspects of having a successful business is managing your money. Many spas and salons have great sales, but spend themselves out of business due to poor fi nancial management. In this fi nal Essential Skills article, we look at the four key areas of fi nancial management you should understand and determine if you should seek outside help. If you are an independent contractor, this also applies to you. Strong Financial Management Skills Ensure a Healthy Business by Susanne Schmaling Cash Flow Easy to do? Moderate; you defi nitely need to spend time consistently on this task. Should I get help? It depends; a cash fl ow statement should be designed with the numbers you know. You should use this as a blueprint and be invested in the outcome. Have your accountant help, but keep your hands in the numbers. Cash fl ow is a relatively simple concept: cash in refl ects your sales (products and services), and cash out refl ects your expenses. In personal fi nance, this can be equated with your budget, which most of us do on a monthly basis. If you are trying to get funding for your business, your cash fl ow statement is one of the essential reports requested by the bank. Cash fl ow statements should also be used for sales projections. It is essential to project where you want to be throughout the year, and you can use your cash fl ow statement as a guide. It can alert you to potential problems in the future. Using this document as a planning tool will also give you an idea of how much money you will have available to buy that fancy machine Master Your Money Skill Series #6 Essential Skills The