Whether you are starting or growing your own business, one of the most important things you can do is to gain control of your finances right from the beginning.
With the current economic environment and news of businesses failing every day, business owners need to be armed with the knowledge of what is actually happening in their business on a day to day basis, and have the financial tools readily at hand to plan for the future.
Some of the critical data that must be tracked includes:

• Cash flow
• Profitability
• Growth trends 
• Accounts Receivable collection cycle
• Business expenses

If you have up to date financial information and are reviewing these statistics on a regular basis, (ideally weekly/monthly), you can be proactive rather than reactive when the information starts to trend downward.
It is not enough in this extremely competitive environment to be amazing at what you do.
You need to be great at running your business as well (or hire professionals who can help you be great!).
In the past, there was easy access to lines of credit if a business was losing money or tight on cash flow.
Due to the current economic crisis, business financing is no longer readily available and business owners need to be constantly aware of their cash flow.
Here is a quick checklist of the vital functions and analysis that should be performed in any growing business:

• Bookkeeping
• Manage Accounts Receivable and Accounts Payable
• Invoicing
• Collections
• Dispute resolution
• Financial statement analysis
• Report results
• Identify trends
• Recognize opportunities for increased revenues and cost savings
• Forecast cash flow - anticipate cash needs going forward
• Spot trends at the beginning to ensure business continues to be successful
• Process improvement - establish systems and processes
• Inventory control
• Negotiate with vendors to reduce prices, lead times, and ensure quality

Ensure that you are not operating in the dark.
Know your financial situation so you can take your company where you want it to go.