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Business Guide
We hope you will discover various and useful business information to help you reach your goals.
 

Getting A Financial Picture

If you want run successful business you should have real financial picture of a business. Accurate, up-to date records are very important for every aspects of your business. It's certainly not fun, but without accurate records, you simply cannot run a successful business. It is much easier to deal with various tax departments of government or with your banker if your records are complete & comprehensible. Good records will improve your control of cost, help you keep track of your own operations and they will also tell potential lenders or investors about your managerial capabilities. Your accountant can help you set up your records and books or you can do that by yourself. Whether you choose to do, make sure you know what to record. Managing a small business or a large corporation, remember, fundamentals are the same:

Collect your money as quickly as possible.
Keep track of all received business documents.
Control your purchases and payments.
Keep track of cash or other payments received from your customers.
Store important business records in a safe place (fire-proof lockable cabinets or bank safe).
Keep track of all business transactions.

SUCCESS OF YOUR BUSINESS IS DIRECTLY RELATED TO HOW WELL YOU USE YOUR RESOURCES.

Financial planing is similar to planing a vocation. You must ask yourself basic questions:

1. Where are we going?
2. What will it cost?
3. How are we going to get there?
4. How are we going to pay for it?

SOURCES OF  FINANCING
Once you have listed the start-up costs and operating expenses for your business, you need to look at sources of financing, and then select the source that best suits your business needs.
Sources of Financing
DETERMINE COST
It is essential to determine the costs of starting your venture and know how much capital is required before you begin. Your financial planing will serve you better and prove your professionalism when you go out in search for financing. It is good idea to prepare BEST, WORST, and MOST LIKELY case scenarios.

Determine Cost
PROJECTED INCOME STATEMENT
Projected Income Statement is a financial document prepared by you or your accountant, it helps to predict expenses and revenues for the first year. Try to answer:

1. What are your predicted sales for first year?
2. How much it will cost to produce your product or service?
3. How much are your other operating costs?
4. Which of your operating expense allow you to be flexible (advertising, salaries, etc.)
5.  What profit or loss you expect?
RECOMMENDED  LITERATURE

Marketing Management - This worldwide best-selling book highlights trends and developments in global marketing-with an emphasis on the importance of teamwork between marketing and all the other functions of the business. It introduces new perspectives in successful strategic market planning, and presents additional company examples of creative, market-focused, and customer-driven action. Coverage includes a focus on customer relationship management, partner relationship management, the Internet and its effects and uses, brand building and brand asset management, alternative go-to-market channels, and marketing around the globe.

How to Really Start Your Own Business - W.D.Bygrave, professor of entrepreneurship, Babson College "Gumpert's how-to book is simply the best. No would-be entrepreneur should launch a business before reading this book."

 
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