There is one simple reason to understand and observe financial planning in your business – to avoid failure. The business owner/manager who understands these concepts and uses them effectively to control the evolution of the business is practicing sound financial management thereby increasing the likelihood of success.
Very simply stated, financial management is the use of financial statements that reflect the financial condition of a business to identify its relative strengths and weaknesses. It enables you to plan, using projections, future financial performance for capital, asset, and personnel requirements to maximize the return on shareholders’ investment.
What we’ll cover;
- Not only do I need to know my historic numbers but the ones that will create my future
- Too many business owners have no ability to make a decision, due to a lack of information
- If we want to manage something we have to measure it
- So, we turn to both historic numbers and future Key Performance Indicators
- This is both Accounting numbers and Testing and Measuring results
Don’t delay, take control of your money mastery now…
Financial planning affects how and on what terms you will be able to attract the funding required to establish, maintain, and expand your business.