Too busy running your company to worry about finances?

By Bruce Morse, WSBDC Region 2 Director

Your situation is not uncommon for many small business owners. They wear many hats and there are only so many hours in the day. However, you are absolutely correct in that you need to pay attention to the financial side of the business as one of the important things you do, or eventually you may not have a business to worry about.

One way some people cover this base is by sitting down with their bookkeeper or accountant periodically, reviewing the numbers, and kicking around ideas for improvement. Granted, this will cost you a little money if they are not your employees, but it might make you even more money in the long run.

Another option is a new service that is being offered by the Small Business Development Center called a Financial Health Check-up. This free program consists of a computer analysis of your historical financial data that will compare a local business to others in that industry as well as look at trends within the business itself. The result is an easy-to-read narrative report that can be viewed by the owner or with the assistance of an SBDC counselor. To learn more about this new service, contact me at 800-383-0371, 307-754-2139 or via e-mail at bmorse1@uwyo.edu.