Why is it important for a business owner to understand basic bookkeeping and accounting?

Bookkeeping and accounting are critical skills in helping owners track the flow of money that keeps their enterprises afloat – especially for start-up ventures where the founder may know everything about his customers’ desires and how to produce a quality custom gift or award but little about financial matters.

At the very least, therefore, invest in some training for yourself. Many local colleges have a small-business development center (SBDC: www.americassbdc.org) that may offer courses along the lines of “Understanding Finances for the Non-Financial Manager.” Most of the time, these seminars are conducted at night or on the weekend for nominal fees.

—Your Personal Business Trainer