Sound financial planning can make the difference between a small business success story and a struggle.

These were the words of advice given by Kevin Robinson, president of People Wise, at a recent entrepreneurship event.

He suggested that owners of small firms hire a bookkeeper to keep track of expenses and financial concerns, so that they are free to concentrate on other aspects of growing a business.

"What a bookkeeper should be doing for you, the owner, is making sure that you are getting paid for your services," he advised, adding the caveat that "you can never totally take your hands off" all of the bookkeeping.

Meanwhile, lender relations specialist with the Small Business Administration (SBA) Cassandra Parks recommended that entrepreneurs form strong relationships with lenders in the early days, as companies will continue to need money as they expand further.

A recent report from the SBA revealed that as of June 2006, there were 21.3 million small business loans worth $634 billion outstanding.