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You face many challenges when growing your own business but managing and understanding the cash and finances can be a lot easier than you think.
If you invest a little time understanding the language of finance, then you will be in a position to:
- Review your accounts each month.
- Prepare a cash flow forecast so that you are in control of the cash and can have proactive rather than reactive relationship with the bank.
- Review your actual results against your plan to make sure that you are on target.
- Brief your sales team on forecasting sales for profitable growth.
Financial Planning - The Essentials
Why do I need a financial plan?
A financial plan is the final stage of the business planning process and puts numbers to your ideas. It will show you whether or not your business plan is viable over the period you have funding and beyond. It is the document that the providers of finance are most interested in ......