We spent several issues discussing the components of taking your business idea and turning it into a real business on paper – creating a full business plan with a clear roadmap of how to execute the business to ensure success. We then discovered how we would finance the business. The next step is to get customers. We have a marketing plan that we created in our business plan, so we are now going to use it.

The only experience we have had under finances is tracking what it will cost to start and operate the business. Now is the time to move to the next level – tracking your finances now that you have customers or clients. This is where many businesses fail and loose everything because they simply do not put as much effort in to tracking and managing their finance-whatever spending habits you have in your personal life will be transposed into your business. So, if you have a problem in this area, please hire qualified people who can assist you. You have to know when to spend and when not to.

Just as in your personal life, you MUST save for a rainy day. In last month's issue, I advised you to apply to your local bank for a credit line for emergencies – make sure you do that. However, remember that is your backup to your savings. Never use your line of credit as a savings account, because it is not. Your savings account does not have to be paid back with interest, as a line of credit does. You have to keep good records of all spending and income received. We will address ways to accomplish this important component of running a successful business. The first tool you will need to track your business is a computer. Purchasing a computer is an important task and you must shop around. There are two leading contenders: Dell and HP. Dell computers can now be purchased at a local retailer like Staples. Just pick up all of the sales circulars from the Sunday newspaper and compare prices. Purchase what your pocket can afford and use your credit card.

Using your credit card allows you to take advantage of extended warranties. The second tool you will need is software such as Microsoft Office and Quick Books. Microsoft Office is an integrated program that includes Word, Excel, Access and Power Point. In an upcoming issue, I will discuss how these programs can be utilized to run your business and save you money. The software giant for business finances is Intuit who makes the Quicken and Quick Books line.

These are expensive programs, but the good news is that if you attend our Quick Books seminar or workshop you get a fully functioning copy of Quick Books Simple Start that does not expire at no cost. The only catch is you can only track up to 20 customers or vendors, should you need more, you simply purchase the program. Many of you may fit into that criteria and we offer training several times a month to learn how to use the simple start program at a cost of just $29 per two-hour seminar. I have also customized a program that I have developed for my company, Tri-County SCORE and other companies.

It is designed for individual businesses. This program is titled information center – for example T.Byrd Training Center Information Center. This program will track everything for your business including customers, contacts, vendors, cash receipts, appointments, track your proposals and projects as well as maintain an audit trail on the status of each area previously mentioned. This program is created using Microsoft Access which in many cases is a part of Microsoft Office, which many of you already own, but simply don't know how to use the program. For my company our version prints certificates for students, tracks grades and attendance, produces incident reports, weekly, monthly and quarterly reports for agencies I do business with. These are customized needs and could never be handled by Quick Books, but remember a customized database does not replace Quick Books.

It is an additional tool to track your business from many prospective including your finances and as well as other customized areas of your business that needs tracking that leads to the success of keeping good financial records. Another important item that many businesses fail to do is to keep track of important dates, timelines and projects. We tend to focus on just getting the job done correctly, which is understandable, however keeping a log of these important items is critical. It is important to document everything. In an earlier article in Cerise, I suggested that you start a log and document everything you do for your business.

I am recommending that you continue with that log and continue to document. This data will come in handy- if problems arise, you can simply refer back to your notes. Keeping a daily log also allows you to write down important things to do so you do not forget. Create a file folder for every important project or client. Do this on your computer and scan all-important documents and save in the folder.

Keep the hard copy as a backup in a file folder in a file cabinet. Include all your receipts, invoices, copy of contracts and payments, contact information, any other important documents associated with the project or contract including a copy of your daily log on the project in both folders. Keep copies of everything, even if you scan them – especially documents with signatures on them. Be sure to back up your data on your computer on a daily or weekly basis. We all know how important it is to keep good records and the number one reason is the IRS-Internal Revenue Service.