Financial Management
Make sure you have the money when you need it, use it in the best way possible, for the highest return and get and keep it appropriately.
What is the objective?
To make sure you have the right source of money for the best use when you need it.
Why is this important?
Making a profit is one thing, but that doesn’t mean you will have the cash you need, when you need it
What do you need to know to do this?
You need to know your cash needs as you fulfill your strategic plan.
The Project
Financial management is about managing the money in your business.
That means getting paid in a timely manner, borrowing appropriately, having the right investors and creating a spending/investment plan that matches your strategic plan.
There aren’t universal right answers, only the right answers for you at this time. There are ratios and rules of thumb that some people will use. Be aware of those so that you can match them when required and/or
How will you you know you have succeeded with this project?
You will have plans in place for managing the flow of money in your business and investment in your business..
What is important to carry on to the next projects?
Working cash flow that you manage weekly, ongoing reviews of your cash sources and plans for investment in your business.
Your next lesson is here.
Join small business owners just like you in the free Business Owners Success Club online community for more resources and discussions about this and other projects.
