5 Operational Bases Every Startup Should Have Covered If It Wants to Grow

Once a business gets up and running, it's time to reassess where the company's operational priorities are. It's tempting, at that point, to let "structure" remain on the back burner, when you're scrambling for growth. But having that singular factor in place early on is much more effective than backlogging it two years later, should you, for instance, need a clear picture of your financial history.

Related: The Basics of Business Structure

Having a strong operational foundation in place, in fact, is key for a business to efficiently scale and, ultimately, realize its full potential value. Follow these steps to ensure you place your own startup on a solid foundation footing:

Be sure to use accrual accounting.

Businesses typically follow one of two accounting methods: cash or accrual. Cash accounting is a straightforward measure of cash flow, where revenue is recorded only when money comes in. Accrual accounting is more complex. Entrepreneur has defined accrual accounting as:..

https://www.entrepreneur.com/article/318767

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by Idham Azhari