Managing finances in the small enterprise, whether for a business or nonprofit entity, requires some basic to-do’s. The to-do’s are related to each other and cycle continuously.
- Determine the current financial situation
- Develop your financial goals
- Identify alternative courses of action
- Evaluate the alternatives in terms of life situation, personal values, and assess their risks and opportunity costs.
- Create and implement your financial plan
- Review and revise your plan, adapting to changes in the situation.