Emergencies do happen, and while they may range in scale and scope, business leaders and individuals alike are caught off guard in the chaos. The scary fact is that whether an incident is natural or human-caused, if you’re unprepared, your business and even personal well-being could suffer.

A budget provides the financial data that support your company’s vision, mission, and goals. It outlines key information on both the current state of your finances (including income and expenses) and your long-term financial goals. Because your budget will play a key role in making sound financial decisions for your business, it should be one of the first tasks you tackle.

No business can escape the dreaded task of bookkeeping. While it’s definitely not one of the more glamorous parts of the job, bookkeeping is at the heart of small business success, which means errors can be crippling. To avoid the financial headaches that come with bookkeeping mismanagement, it’s important first to be aware of the pitfalls that can ensnare you.

You want to scale and optimize your small business which means you must always know it’s value. The health and value of your business are quantifiable by maintaining a monthly or quarterly balance sheet. The balance sheet goes beyond your financial plan or profit and loss statement to determining your financial position.