This guide is an essential tool for setting up and managing good financial management practices for small businesses. It outlines the systems and tools needed by the start up business, and continues through to the needs of the growing business developing more sophisticated financial capabilities.
Effective financial management is a crucial part of running a growing business. Whatever your business, raising finance, managing cash flow and keeping records are all essential, but in a growing business you want financial management that also does more – helping you to make informed decisions, assess new opportunities and evaluate the success of your business strategy.
Building financial management capabilities like this can be challenging. Sophisticated financial management can demand specialist knowledge and expertise that are not cheap. A young business cannot afford to build this overnight. You need to understand your changing priorities so that you can identify the most cost-effective way to build capabilities that match your needs and can expand with your business.
Whether you are starting a new venture, looking to develop your business further, or simply do not feel comfortable that your financial management is as good as it should be, this guide is for you. It outlines the key ways that financial management can help your business and how to develop the financial capabilities you need as your business grows.