How to Manage a Small Business?

You manage a small business by carefully watching your revenue and expenses. The pricing of your products or services have to be competitive but also priced so you can make a profit. With a small business, you need to make sure your expenses are not higher than your revenue.

How to Manage a Small Business Grant

You must have a plan in order to manage a grant for your small business successfully. After you apply and get a small business grant, many tasks need to be completed. Like any other small business function, this will require good record keeping and timely reporting. Failing to follow the grant terms can mean that you will become ineligible for future grants. Even worse, the grantor can make you return the money that you got from them.

Things You'll Need

• Grant award letter or contract
• File folders
• Spreadsheet or accounting software

Instructions

1. • 1
     Keep a copy of your grant application. It will contain all the basic information about the activities the grant covers. Normally it will also contain the grant budget.
   • 2
     Read the award letter or award contract to get more detail about which business activities are covered by the grant. Make a list of important dates and milestones. Use the grant award document to set up your record keeping.
   • 3
     Review the grantor's general regulations that may not be listed in the award document. Review any local and federal laws that apply to the activities your grant covers.
   • 4
     Set up your files to capture accurate records and the documentation required by the grantor and any local or federal laws. Put folders in your file cabinet to hold grant-related paper documents. Create matching folders on your computer for expenses, activities, reports, references and miscellaneous documents.
   • 5
     Review your expenses and activities at least weekly to be sure that they are allowable and that you have the required documentation that you need to charge them to the grant budget.
   • 6
     Make reports on time. If you don't have sufficient computer skills to complete the financial or progress reports, outsource the reporting to someone that does. Submit complete documentation with every report and at the end of the grant period.
   • 7
     Maintain frequent contact with your assigned grant officer. Alert your grantor to problems that may delay your progress.