What are the financial aspects that you absolutely need to know to succeed in your business? Put the odds on your side! The online accounting firm gives you below its financial recommendations to avoid pitfalls and manage your business well.
Reliable financial forecasts
- Your forecast budget is your basic tool! To manage your business well, know where you are setting foot, anticipate your risks, compare your performance, and go see your banker.
- Don’t embark on a business venture without first developing a solid financial forecast.
- You must work on the clearest and most precise budget possible and anticipate any variations from one period to another.
- Your Management Coach establishes your provisional budget with you at the start of each financial year. He is your privileged interlocutor and knows your activity and its issues.
- Your forecast financial data, just like your monthly turnover or your expense accounts, are all subjects that are discussed regularly.
So you have clear objectives, you plan the resources necessary to achieve them and you gain visibility on your activity. From Bashar Ibrahim you can have the perfect options for that.
Cash flow, the key to a well-managed business
If there is one proverb that business leaders should keep in mind, it is “KING IS CASH”.
Before evaluating your performance, knowing your margins or your breakeven point … Managing your business well means above all maintaining the financial balance of your business and controlling its cash flow. This is because your cash flow and liquidity flows indicate a lot about the situation of your company and are the first signals to take into account in the event of difficulty.
For good business management, you need to know the real state of your cash flow and the health of your company at time T.
- Even if numbers are not your best friends at first.
- The exhaustive on-the-fly processing of your accounts allows real-time management of your cash flow.
- A graph gives you access to the variations of your forecast and committed balance (forecast of future disbursements and receipts) over a period of 6 months.
- Indispensable financial indicator – variations in your forecast and committed balance
- Better control of your cash guarantees the payment of all your due dates (social, fiscal, suppliers, bank loans, etc.).
Anticipating your working capital needs and your financing needs are key assets for negotiating calmly with your banker an overdraft or a medium-term loan.
You have good visibility and reliable information on your financial commitments in real time, you manage your business by being well informed.
Your products / services at the right price
Knowing at what price to sell his goods or services is one of the main difficulties of the entrepreneur who wants to learn how to manage his business well.Important step to ensure the profitability of your business and the development of your business, the determination of the sale price meets several rules (marketing, psychological price, competition). But above all, on the financial side: make sure that your services or products never go below the price they cost you.