Inspirational and Empowering Child Care Business Owners To Build Successful Child Care Businesses

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Developing Money Management Policies

start-up budgetThe way that you manage your money is closely related to the quality of your business.

 

According The Houston Chronicle, managing the quality of your business must be a priority. Moreover, having quality Administrative practices is a vital part of operating a high quality childcare Business.

In the article: Quality Administrative Practices, Brandon Pickard of Demand media listed Polices and procedures as a sign of a Quality Business. Pickard describes the following as quality administrative practices:

Establish policies and procedures to help maintain quality business practices. They usually consist of seven sections:

  1. Purpose
  2. Revision history
  3. Persons affected
  4. Policy
  5. Definitions
  6. Responsibilities and procedures

For example, it is vital that you develop money management policies. In fact, the way that you manage your money is closely related to the quality of your business.

  Furthermore, it takes money to build a Quality Child Care Business. So, be sure to have a system in place that describes the following:

  • When payments are due
  • Who is authorized to collects payments
  • Who is authorized to make bank  deposits
  • Guidelines for a  monthly budget 
  • Designate who is authorized to make purchases or sign checks
  • Collection or Bad Debt procedures
  • How to handle Late fees (in the event parents are late making payments)

For more money management or administrative coaching,  Contact me today for a one-on-one coaching session!

With your Success in mind…

Shiketa

Resource link

http://smallbusiness.chron.com/quality-administrative-procedures-16919.html

 

Category:

Accounting, Administration

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5 Simple Strategies To Makeover Your Money Management Skills

intermediateaccounting

This week I want to inspire you to improve or makeover the way that you manage your money in your Business. In fact, I believe this, if you don’t manage your money effectively, you could soon be out of Business. Money is the lifeline of your business and when it is not effectively managed, you can have some major cash flow problems.

Furthermore, I want you to throw away this excuse: “ I’m not good with money.” Excuses will only hinder your success and today I am going to give you 5 simple strategies to makeover your money management skills. Ready!…. Here we go!

Click Here To Read More

To Your Success,

Shiketa

I look forward to reading your comments about this Blog post below.

Category:

Accounting, Business Management

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