Ray Phillips is the CEO of Soapbox, which makes the next generation of washcloths for kids. The fun, animal-themed plush toys became so popular, Ray now offers his products directly to customers as well as retailers throughout the country. While distributing through retailers can be both exciting and rewarding, there are also some pitfalls to avoid. Ray believes that small businesses need to choose their retail relationships carefully, or else risk overextending themselves and losing money. The best way for Ray to make informed decisions about which retailers to do business with is through his financial management. QuickBooks allows Ray to get a clear and accurate picture of his fiscal patterns at any given time. Understanding these patterns enables Ray to know what his business is capable of, and where it will most likely succeed. When small business owners know their finances intimately, they are able to make strategic, calculated risks with confidence and peace of mind.
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