My dear friend Dayana taught me that golden rule. What she rings in your ears as a financial advisor for the Motley Fool for the individual, I pass along to you, the business owner.

The small stuff gives the framework of your business a solid foundation on which to grow.

The small stuff allows you to focus on what you do best, the reason why you started a business in the first place.

The small stuff will reap you financial rewards in the long run.

The small stuff will make you look like big stuff when up against the giants in your industry.

OK, so what is the small stuff?! I will break down some of the important elements of the framework of your business, the small stuff, and give you winning ideas on how and why you need to sweat the small stuff.

What? Too obvious? Certainly managers are necessary, yet in my experience, I have seen too many small businesses fall into one of the following categories:

a) The “I can do it” mentality
b) The “I hired a manager” but without a job description mentality
c) The “I hired a manager with a job description” but neglect to train, give feedback and hold accountable mentality.

Without clear organizational structure, without hiring managers with clear job descriptions and responsibilities, without training and feedback, most small business owners will spend their days working IN their business, rather than working on GROWING their business. Let’s break down the thought process and the pitfalls of each category. (I will leave the Human Resource (HR) discussion aside for now, as we’ll get into the quicksand of troubles for the small business as it relates to employees in the future). For now, let’s focus on the emotional reasoning:

a) The “I can do it” mentality - This is a very common thought process for the entrepreneur - it also leads to the most frustrated entrepreneur. “I know it will get done right if I do it myself”. Not true. “I know it will get done right if I HIRE a qualified candidate” is the mental shift that needs attention. If you are spending your days answering the phone, taking out the trash and dealing with vendors, chances are you are not spending your time speaking with your customers, analyzing marketing (or creating one!) plans or going through your financials to determine your profitability - where and how you are going to grow.

b) The “I hired a manager” but without a job description - Great! You’ve got a leg up on entrepreneur A, alas, unless you’ve given the manager a clear understanding of their job and responsibilities, in the long run, you will be as frustrated as entrepreneur A. Writing a job description doesn’t need to be a daunting task, with no need to recreate the wheel. Basic and elaborate outlines of job descriptions can be found all over the web, and with a tailoring to your business, a job description can be developed without too much agony.

c) The “I hired a manager with a job description” but have neglected to train, give feedback and hold accountable. So you’ve hired and given the manager, in writing, a clear picture of their position…now… now.. please don’t walk away! If you are determined to grow and develop your business, you must be committed to your managers, and understand that training, feedback and accountability are all part of YOUR job description, as a business owner. Without adequate training, the manager will stumble and inevitably make mistakes. Train them to do the tasks you initially thought could only be done right if done by you. Give your managers feedback - constructive and with encouragement. Give them the attention they deserve, after all, you’ve hired them to be on your front line in your absence. Hold them accountable. Holding your managers accountable to their job descriptions will alleviate any stress - and conversely- make your business day much more pleasurable - if everyone knows there are consequences for mistakes, and rewards for jobs well done.

To manage or not to manage? The answer is obvious, but the commitment to your hire, job description, training, feedback and accountability will be key to your ability to step back and focus on GROWING your business, not working IN your business.

How do you know where to go if you don’t know how to get there? Understanding your cash flow is essential to your business. Simply knowing that your business generates and costs ‘X’ dollars a day/month/year isn’t enough to guide your decision-making process. A financial analysis of your business is essential to making short, medium and long term business decisions.

The first step is basic — take a good look at how your money is being managed, and by whom. Excel spreadsheets? Word documents that have notes scribbled on them? A filing system that consists of ‘to pay’ and ‘to bill’? And who is managing it? Your mom/ sister/ brother/ uncle? Temp help? The office administrator? Gather all your notes and scribbles and say, “Thank you very much” to your overachieving but under-qualified money manager and proceed to the second step.

The second step is to gather your financial scribbles and ‘get organized, baby!’ You need software to manage your money, and people with the know-how to organize it. Quickbooks is by far the most popular small business accounting software, and Quickbook Pro Advisors are easily found, even specific to your industry. Buy it, install it, and hire someone to manage it. A QUALIFIED Quickbooks advisor is essential, they will save you time and I promise you, lots of money in the long run. Check references and use your network for referrals. There are lots and lots of good bookkeepers, but you need a GREAT bookkeeper. Hire them, and pay them well, as they will become your backbone in your growth.

Your bookkeeper is also your lias to your CPA. You don’t need to be paying your CPA (at CPA rates) to sort through your receipts. You need to understand your receipts. And your CPA more often than not will not have the time for the daily/ weekly/ monthly analysis of your finances.

Third, if you are not familiar with accounting software, make the time to sit with your bookkeeper at least once a week in the beginning, then minimally once a month to go over your Profit and Loss and your Balance Sheet. You will start to become familiar with where your money is going and begin to understand how to manage it. A good bookkeeper should be offering suggestions and being proactive with how you can save money, negotiate rents, establish credit and be a good source for general financial know-how.

Last, make financial goals. Once you understand your customer profile — where, when, how and by whom your money comes from — start to make goals on how to keep increasing that dollar amount in your bank at the end of each quarter. If you are a retailer and Mondays and Wednesdays become a trend as the slowest days of the week, adjust your staffing to reflect that. If your vendors are adding ‘fuel fees’ to your deliveries (and more and more are), consolidate and organize your inventory so deliveries can be made once a week instead of twice. Get the picture?

Understanding your cash flow makes you a stronger and more sound small business. You will be smiled upon by the financial gods who rule over your line of credit and business loans. And you will be rewarded with minimal (or nominal!) financial fees, better interest rates, and bigger loans with better terms.