Developing Money Management Policies
The 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:
- Revision history
- Persons affected
- 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…
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