Monday, March 13, 2006

Financial Fitness for Entrepreneurs

This isn't recent, but still seems relevant. Back on July 26, 2004 venture capitalist Brad Feld wrote a post entitled "Financial Fitness for Entrepreneurs". It is well worth reading. The main points are:

  • Cash is king
  • Put in real financial systems from day one
  • Measure everything
  • Build an annual operating plan
  • Use your vendors to fund your business
  • Use your customers to fund your business
  • Be careful of personal guarantees
  • If it sounds too good to be true, it probably is
  • Finance your business appropriately for what you are trying to create
  • Choose professionals carefully
  • Don¬ít take anything for granted
  • Pay your taxes on time

Brad puts a fair amount of meat on those bones, so read his post carefully for the details.

-- Jack Krupansky

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