Getting A Financial Picture
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
Managing a small business or a large corporation, remember,
fundamentals are the same:
Collect your money as quickly as
Keep track of all received business
Control your purchases and
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
SUCCESS OF YOUR BUSINESS IS DIRECTLY RELATED
TO HOW WELL YOU USE YOUR RESOURCES.
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
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.
| DETERMINE COST
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.
| PROJECTED INCOME STATEMENT
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?
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How to Really Start Your Own Business
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