💡 Entrepreneurs understand that financial planning for their business is a crucial component for success. Not only does proper financial planning offer us a roadmap towards a successful venture, it also sets the standard by which the finances need to be handled internally.
In addition, it provides necessary information to shift focus to areas that will keep the business financially viable. A financially literate entrepreneur is more likely to be fully in control of their business. How so❓
✅ Gaining an understanding of what balance sheets and profit and loss statements mean, provides a clear view of the financial state of one’s business venture and subsequently facilitates smarter business decisions.
✅ As entrepreneurs, we don’t have to run all of the financials, but gaining a degree of financial acumen means that we will be able to manage our business’s finances, and in the process give ourselves the best chance of building a business that can thrive.
✅ Lastly, successful entrepreneurs understand the difference between profits and cashflow, together with what the key metrics and drivers are that affect these numbers from a Revenue, Cost and Cashflow aspect.
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