Managing Your Assets

There are three very important assets that any owner must manage in order to have a successful business. Those assets are:

• Your Inventory


• Your Cash


• Your People

Your first reaction maybe "no kidding"! However, think about it for a moment.

• Is your inventory giving you the turns that you need to serve your customers without being too large?
• Are you making sure the inventory is clean, fresh and saleable?
• How many times do you check the physical to the book inventory to make sure you are getting the correct information?
• Are you watching your receivables to make sure no customer(s) get too far ahead of you?
• Are you stretching your payables without getting your vendor(s) upset with you?
• Are you managing your people so that they are giving you all that is required to be successful?
• Do they know what is expected of them?

Think about these questions. Spending some time answering these questions can pinpoint the areas of your business that can be improved for better results.

Here is some additional food for thought:

Do the 5 Minute Review of Your Financial Statements