: Financial Management - Issues & Solutions

      
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 Financial Focus:

Strong focused financial management is essential to any business that wants to remain successful. Good financial management enables you to keep a close eye on day to day running costs of the business, including operational and sales and marketing costs. It will tell you on a week to week basis whether you are  breaking even, making a profit, what your present and future cash flow will look like, how to set, monitor and manage budgets, staffing and whether you are complying with within a legal framework.

Key areas to keep an eye on and manage are:

1. Sales turnover
2. Profitability
3. Cashflow
4. Product & service pricing
5. Operational performance
6. Overhead
7. Managing budgets
8. Managing customers
9. Discounting
10. Managing suppliers
11. Investment planning
12. Tax planning

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  Financial Issues:

Financial management becomes an issue when you don’t know your breakeven point, how profitable you really are or how well your cashflow is going to perform over the next 3 to 6 months.  Unless you can determine how well your business is running on a daily/weekly/monthly you are in danger of overly discounting your product & services to your customers (thereby losing money) , not be able to manage budgets because you don’t know the true cost of delivering your product or service. 

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  Financial Solution:

Make sure you:

a. Know your breakeven point
b. Have a financial business plan from which you can monitor and measure your financial performance on a weekly/monthly basis
c. Have sufficient financial support available to support you with any potential gaps in cashflow forecasted in your business and cashflow plan
d. Set budgets and targets and monitor and manage performance on a weekly/monthly basis
e. Ensure all your managers are held accountable for the achievement of their financial targets as well as their operational targets

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