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Matrix Key: Financial Viability – Resource Management – Capital
“Capital, in some form or other, will always be needed.” – Mahatma Gandhi
As most entrepreneurs know, obtaining capital to fund their start up or their ongoing operations can be a daunting task. Your business must have capital in order to be financially viable. So once you acquire capital, how do you manage it? Capital is a precious resource that needs care and nurturing if it is to help your business grow.
According to the WholeLife Matrix, to properly manage your capital, you need to manage all four of the following:
- Investors – They gave you the money. Make sure you hold yourself accountable to them and be able to show them the value of their investment.
- Profits – If you are not converting your capital into profits, you have a problem.
- Banks – Your banker can be your most effective partner. Banks can supply additional capital and give you tools to manage it.
- Accounting – You must track how your capital is being deployed into the production and delivery of your product and be as efficient as possible.
Every business owner has a duty to carefully manage capital. It is important to find the right balance between releasing capital into the business and holding some back to fund future projects. Get as much advice as you can from trusted sources, and always be on top of your numbers. When you manage capital effectively, you have already won half the battle.
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