From idea to business idea
How the market supports my business idea
Getting ready for the market
Financing - Profit analysis
Do I need other skills?
Tools & References
Financial Control
Financial control may be constructed as the analysis of a company's actual results, approached from different perspectives at different times, compared to its short, medium and long-term objectives and business plans. These analyses require control and adjustment processes to ensure that business plans are being followed and that they can be amended in the event of anomalies, irregularities or unforeseen changes.
Financial control becomes more useful if you can look ahead as well as keeping track of the past.
You need to decide how best to organize the financial capabilities you want.
Financial control becomes more useful if you can look ahead as well as keeping track of the past.
- Cash flow management lets you anticipate your future cash position. You can take steps to arrange any additional financing you will need before it becomes a crisis.
- Your cash flow forecasts feedback into your budgeting and planning process. You know what will be affordable.
- Planning ahead is vital for effective tax planning – when you start a new venture, on a continuing basis thereafter and as part of planning an eventual exit from the business.
You need to decide how best to organize the financial capabilities you want.
- How up-to-date does information need to be? For example, you might want your cash position and cash ow forecast updated daily.
- What areas will you deal with personally, and what will you delegate to employees or external suppliers?
- What skills do employees (and external suppliers) need? For example, you have to ensure that any customer contact is handled in the right way.
