Before you can grow your business, you’ll need to understand the basics of financial management. Here’s a quick rundown:

Many entrepreneurs—especially the ones who are just starting out—don’t pay enough heed to the fundamental tenets of money management. Often, they’re too preoccupied with day-to-day business to get involved with financial details. Besides, they know well enough that they have to seek the expertise of financial professionals, such as their CFO and outside auditors or CPAs. Still, grasping the basics of finance is an absolute must; this will allow entrepreneurs to work more effectively with financial advisers and to quickly zero in on possible problems in the fledgling company. Below is a quick list of some basics: