What are key financial controls
When planning to start a new business or the future of an existing one, it is essential to know what finances will be required, where the money will come from and how you plan to spend it. Keep correct financial records to enable you to measure, control, evaluate and forecast your profitability, your financial needs and your financial viability.
Do you know…
- how much it will cost you to set up and run the restaurant business?
- how to work out a budget and cash flow for your first twelve months of business?
- that the lack of money to keep the business going is a common cause of failure. Have you worked out exactly how much money you are prepared to put into the restaurant business?
- where to borrow money for your business?
- what gross profit, level of expenses and net profit you can expect from your business?
- what records do you need to keep, to maintain financial control of your business?
- how businesses pay tax, including provisional tax and how you can best prepare yourself to pay future taxes?
How did you do? Be honest! Did you answer NO to any of the above questions? Then download a copy of:
Essential skills to ensure the financial viability of your business.