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When an entrepreneur opens, it is very common that he himself has to carry out both the analysis and the planning of his finances with a little external help, but you can always plan for the future to strengthen the necessary areas that allow this task to be delegated and that you start to see results with a positive impact on your business. Marketingmediaweb
Finding a CFO, as soon as possible, should be the first
step. When the business becomes more stable, even a dedicated financial
planning and analysis team will always represent a good investment. Your main
task will be the making of budgets, forecasts and analysis to ensure the
necessary financial survival.
It sounds very simple, but in genuineness it involves very
specific skills and knowledge that are not so simple to execute, such as the
analysis of income statements and balance sheet, balance graphs, cash flow,
costs to scale, sales levels and production, collections and periods of
accounts payable, cash balances, among others; all to start strategic planning.
It seems overwhelming, we know, but considering this figure
in your project will help you solve early the problems that lack of planning
and financial analysis bring. In addition, today there are already online
programs that also help simplify all these processes, but you will still need a
economics expert to help you translate them into your medium and long-term
action plan.
Recommendations for creating good financial planning
If you still do not have a financial expert to assist you
when you start, here are some recommendations that can help you take your first
steps:
• Start planning by defining the heart of your business
opportunity and outlining a strategy to achieve it. Review your necessary
assets and operational needs to estimate how much money you will need, and
finally, make a list of details that may impact your planning.
• Make use of your creativity. There are no rules that
define your actions, so you should always consider alternatives and unique ways
of acting to obtain the financial resources that allow you to stay afloat.
• The analysis and planning never stop, try to give constant
time to the evaluation of everything that happens in your business, always
boost the inflows of money because the capital and financial support that will
sustain your project will depend on that. Seeks to generate more income than
you need by making use of the previous point.
• Pay special attention to cash flow management. The good
management you do will impact your finances in the short term.
• Make, create and maintain business relationships with
finance experts. Look for mentors or consultants to help you and listen very
well to their findings and recommendations, all of which will help you better
understand this financial world and could even recommend someone who can help
you in your business. The most important thing is that you give them the
confidence that your venture is serious.
• If your business opportunity is not well laid out, then
the numbers in your analysis will be inaccurate. You have to understand the
venture very well to be able to delimit well all the analytical and planning
aspects.
• Make your life easier by purchasing financial products and
services that help you understand your finances more easily. For example, at
Oyster we created a smart finance platform that helps you categorize your transactions,
create budgets and even create savings goals that simplify your actions when
moving your budget to achieve your goals.
We hope this information has opened the picture for you and
invites you to find out more about financial planning and analysis. We also
invite you to share recommendations and experiences about this and other topics
on our social networks because that can benefit other entrepreneurs to keep
their business afloat