Lynne Franks give a few tips on forming your financial strategy to start your own business.
The last section of your business plan requires that you turn all your budgets and projections into cash flow and spread sheets, which clearly show how and when you’re going to make some money.
If you feel you have the knowledge and experience to do this yourself, then go ahead. But if you want to make certain that this important area is based on firm ground, ask your financial adviser or accountant to do the figures for you. This is an expert’s job, and by now you should have your financial expert on board.
Some basic financial guidelines
1. Keep your potential growth in mind
2. Do not commit to personally investing any more than you can afford
3. Be prepared to cut some carefully considered corners
4. Don’t hesitate to pull in some favours to get your enterprise up and running.