Small-business financial management is not difficult to learn, implement, or master. Nor do you need an outsourced accounting firm or a so-called fractional CFO to set it up for you. Plus, most do not even have such holistic systems that they teach and use themselves.
The beauty of small-business financial management is that it’s modular. The basic elements can be learned and implemented immediately by current staff members. As we climb the financial management maturity curve that we’ll revisit later, additional components can be added over time.
Accordingly, small-business management reminds me of the IKEA Effect, which states that the more labor we put into a project, the more we value it. That’s the same as when we start implementing key, fundamental financial management habits daily, weekly, and monthly.
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