Retailers Forum Magazine June 2021 EMAG

FORUM WORKSHOP forumworkshop
From long before the
store formally opens its
doors to closing day, finances
should top
your concerns. Just as
money drives the national
economy, cash
flow keeps your store
on the road to success.
You don’t need to be a certified public accountant,
but familiarity with basic principles of
bookkeeping is strongly advisable. You should
know how to project costs, read and keep a balance
sheet, and analyze financial records for insight
into the business. Your financial
responsibilities will also entail controlling
spending activities, budgeting expenses, and
reconciling records and accounts. Managing finances
means accurately projecting how much
funding the store will need, and when.
These skills can be self-taught from articles like
this one, learned in night courses, and mastered
through experience. You can also make it a
computer-learning process, developing your
skills as you learn how to run your business
with a computer system. Computer hardware
and software should be considered the basic
tools of business management in the 21st century.
For now, it’s enough to say few retailers
will be able to conduct business without them,
and remain competitive. Computers are work
savers. The right program, or application, will
help organize all management responsibilities,
do the books, reconcile accounts, and provide
you with up-to-the-minute insight into any aspect
of the business.
continued...
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Page 50 JUNE 2021 | RETAILERS FORUM MAGAZINE