Managing a Business

Managing a Business

Once you start your business, it’s time to get to work running day-to-day operations. From sales to customer service, small business owners often get involved in every part of their business.

New or even experienced business owners can benefit from learning more about business management. Whether you want to inspire your staff, promote your business or increase your income, there’s always more to learn. Continuing your education can also help you stay ahead of changes in the law, such as a new regulation that impacts your business’s industry, and learn about better ways to run your business.

Financial Management
Day-to-day financial management can include deciding how to accept payments from customers, knowing where and how to borrow money, timing your revenue (incoming money) and expenses and making sure your business is making money. Learn to manage money.

Recordkeeping
Keeping clear records of income, expenses, employees, tax documents and accounts is more than good business. It will bring you peace of mind, help you monitor progress toward goals and save you time and money. Get started.

Planning for Emergencies
An emergency fund keeps you prepared for unplanned expenses, whether they are the result of a slow sales period or an unplanned event. Having an insurance policy for your business may cover your expenses and lost revenue in the event of a disaster or other mishap, but having cash reserves can help keep your business running. Prepare for the unexpected.

Financial Statements
Your company's financial statements are important records that can give you insight into the financial well-being of your business and help you plan your company’s future. By creating and reviewing financial statements, you’ll be able to quickly determine which parts of your business are making or losing money, if you’re making enough money to cover expenses in the future and whether your business is growing or shrinking.Learn more about financial statements.

Promoting a Business
No matter how in-demand your product may be, you’ll still need to reach new customers and generate interest in your offerings. Luckily, there are many ways you can attract customers without spending a lot of money, such as creating social media profiles and promoting word-of-mouth referrals.Promote your business.

Quick Quiz

No matter where you are in the life cycle of your business, it’s wise to know the management skills you’ll need to succeed. Answer these quick questions and we’ll provide links to expert tips and content based on your responses.

of
The purpose of an emergency fund is to:
A
Ensure your business is prepared for a slow sales period or an unexpected event
B
Purchase supplies to prepare you for future emergencies, like a first aid kit
C
Keep business finances separate from personal finances
D
None of the above
Correct!

The purpose of an emergency fund is to ensure your business is prepared for unplanned expenses resulting from a slow period of sales or an unexpected disaster. Emergency funds should be easy to access but kept separately from other accounts.

Not quite.

The purpose of an emergency fund is to ensure your business is prepared for unplanned expenses resulting from a slow period of sales or an unexpected disaster. Emergency funds should be easy to access but kept separately from other accounts.

of
Digitizing your business records can:
A
Streamline operations
B
Prevent loss of files
C
Help the environment
D
All of the above
Correct!

Digitizing records can help you streamline operations, prevent file loss and help the environment. Utilizing online records can also help cut costs and save you time so that you can focus on other important tasks that come with running a business.

Not quite.

Digitizing records can help you streamline operations, prevent file loss and help the environment. Utilizing online records can also help cut costs and save you time so that you can focus on other important tasks that come with running a business.

of
It is legal for employers to ask candidates any type of question they’d like during an interview.
A
True
B
False
Correct!

Federal law prohibits employers from asking candidates some types of questions during an interview; including questions about race, sexual orientation and age.

Not quite.

Federal law prohibits employers from asking candidates some types of questions during an interview; including questions about race, sexual orientation and age.

of
A smart way to market your business is:
A
Offer a deal
B
Provide free samples
C
Post an online advertisement
D
All of the above
Correct!

Offering deals, providing free samples and posting an online ad are all smart ways to market your business. There are many ways to let customers know about your business, some of which cost money and some of which are free.

Not quite.

Offering deals, providing free samples and posting an online ad are all smart ways to market your business. There are many ways to let customers know about your business, some of which cost money and some of which are free.

of
Negative cash flow is when:
A
You take out a business loan
B
You make more than expected in sales
C
You’re earning more than you’re spending
D
More cash is leaving your business than coming in
Correct!

Negative cash flow is when more cash is leaving your business than coming in. If this occurs, you’ll need to revisit your budget to increase revenue and/or reduce spending in order to get back on track.

Not quite.

Negative cash flow is when more cash is leaving your business than coming in. If this occurs, you’ll need to revisit your budget to increase revenue and/or reduce spending in order to get back on track.

Your Score

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You really know your business management basics. Check out these resources to help take your mastery even further.

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You’re on the road to great business management. Check out these resources to learn new skills that will help ensure your success.

Keep learning

Managing a business is no easy task. To boost your foundation and learn more business management basics, check out these expert resources.

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Featured

Managing a Business
Financial Management

A lot of work goes into running a business. You may need to open your store, greet customers, stock shelves, keep your website up to date,…

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Managing a Business
Recordkeeping

For small business owners everywhere, recordkeeping is a necessary and sometimes tricky part of making sure a business runs smoothly. Keeping…

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Managing a Business
Promoting a Business

When you’re busy with the day-to-day tasks of running a small business, it can be difficult to find the time or money to promote it. Whatever…

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Managing a Business
Promotions

Promotions can increase sales by letting people know about your products or services. A promotion can last for a limited time, enticing…

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Disclaimer: No Legal Advice Intended
This site provides general information related to creating and running a business. The content of this site is for informational purposes only and not for the purpose of providing legal or tax advice or opinions. The contents of this site, and the viewing of the information on this site, should not be construed as, and should not be relied upon for, legal, financial or tax advice in any particular circumstance or fact situation. No action should be taken in reliance on the information contained on this site, and Visa Inc. disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this site to the fullest extent permitted by law. You should contact an attorney to obtain advice with respect to any particular legal or tax issue or problem, including those relating to your current or potential business.

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