Managing and Sustaining Growth

Name: Managing and Sustaining Growth
Author: William Smith

Learn to manage and sustain small business growth.

Preview the first lesson free — get full access to all 5 lessons.

Course: On-Demand

What do you do to manage and sustain growth? Let's look at the importance of bookkeeping, product pricing, control processes, economic uncertainty, and how to finance future expansion. In today's online world, people often have instant access to all types of data. This can be extremely helpful to the small business owner. Important business data needs to be stored for future reference. These records can be used to project costs for startup, inventory, financing, and a host of other business expenses, such as revenue projections, customer lists, sales leads, and other related expenses. Accurate records are essential to a business because they tell how the business came into existence and how it has matured. Recordkeeping is a standalone operation, but it's also a companion to bookkeeping, acting as a support documentation for the bookkeeping entries. Records are source documents that are used in making the business's bookkeeping entries, playing a vital role in establishing their legitimacy. Bookkeeping entries that don't have supporting records may give an organization the reputation of not adhering to accepted financial and accounting standards. When a business establishes a foundational recordkeeping system, it provides a basis for managerial decision-making, along with supporting evidence for business credibility. Lending institutions, regulators, government agencies, and customers all rely on accurate business records to conduct business or ensure compliance. Records can help businesses justify tax exemptions, provide justification for loans, give managers the information they need to make sound decisions, and provide proof of all phases of business operations. Lending institutions will require a business to provide copies of financial records or statements that have generated from reliable and approved accounting measures. This is part of the process for approving the loan. Bookkeeping provides the formal analysis of recordkeeping. In other words, the records are the source documents that get translated into journal entries as debits and credits in a bookkeeping system. Without these records, it would be impossible to verify why financial accounts have the journal entries associated with them. It's also difficult to analyze independent records and paint a picture of how the business is doing without the use of bookkeeping and sophisticated accounting software. This software will take all of the data compiled from the records and provide simple, graphical representations of how much money is coming in and where is it going, Recordkeeping and bookkeeping are two independent functions that must work together to provide the business with accurate and reliable financial information, which give the business a level of legitimacy and sustainability.

Beginner Provider : William Smith 5 Lessons · 14m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

These lessons explore the importance of bookkeeping in managing and sustaining growth. They also explore how recordkeeping provides a business with accurate and timely information. Next, they discuss product pricing and managing growth using controls. Finally, the lessons survey the ways a small business can finance its future expansion.

What You'll Learn

Understand the importance of bookkeeping and recordkeeping in managing and sustaining business growth
Recognize how recordkeeping provides a business with accurate and timely information
Price products and services accurately
Manage growth by utilizing control processes
Navigate economic uncertainty as a business grows
Compare the different financing options available to small businesses for future expansion

Key Takeaways

Bookkeeping and recordkeeping are important for managing and sustaining business growth.
Recordkeeping provides a business with accurate and timely information.
Accurately pricing products and services is essential to the business.
Control processes help a business manage its growth.
A small business has different financing options available to fund its future expansion.

Frequently Asked Questions

What does this course cover?

The course explores the importance of bookkeeping and recordkeeping, product pricing, managing growth using control processes, managing economic uncertainty, and the ways a small business can finance its future expansion.

Who is this course for?

It is geared toward small businesses looking to manage and sustain growth, including how to finance future expansion.

What lessons are included?

The lessons are: The Importance of Bookkeeping and Recordkeeping, The Importance of Product Pricing, Managing Growth Utilizing Control Processes, Managing Economic Uncertainty, and Financing Future Expansion.

What will I learn about financing growth?

The course surveys the different financing options available to small businesses for financing their future expansion.