Good planning is important for both startups and established businesses, and a financial plan is no exception.
As a new business owner, you have probably never had to produce a financial plan, so it can definitely be a daunting prospect. However, investing a little time and effort in making a financial plan for your new business can save you a lot of money and pain down the line.
So to help you get your financial plan right we asked Robin Booth of Brixx.com to outline the 6 steps to develop a coherent, holistic financial plan of your business. (more…)
You may have heard the expression: ‘Revenue is vanity, profit is sanity and cash is reality’. If ever there was a philosophy which I passionately believe in, it is this.
However, there are three important financial measures, which we need to unpack in this expression. Let’s look at each of them in turn; (more…)
Financial reports are standardised measures of a business’ financial health. They are a necessity for publicly traded companies, but this does not mean that they are only useful for large organisations.
Each of the various types of financial reports in this article takes a different view of the business. These reports can seem intimidating at first, but you don’t need to be an accountant to understand them. With a little knowledge you’ll find new ways to look at and analyse your business.
To help you get a fresh insight into your business, I’m going to show you what the purpose of each financial report is, and the kind of information it can reveal about your business. (more…)
If you choose to set up a limited company when you start your business, there’s a lot more paperwork involved.
It’s one the downsides of going limited (the biggest upside of course being that you limit your liability should the business go under).
One of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet.