Managing your finances
Financial management is critical to the success of any business. Improving your business performance and productivity requires sound, ongoing financial planning.
Budgeting and cash management will assist you to manage your business finances. Developing a budget has many managerial advantages.
Cash management is the process by which you can manage the proper balance between a healthy cash position and achieving maximum profits. Profits may be tied up in stock, debtors or assets. If these items cannot be readily converted to cash, your business may not be able to meet its debts as they fall due.
Visit the business sections of financial institutions (banks) websites and take advantage of a range of financial and budget calculators provided on these sites. Additionally, search the Internet for these tools.
The Queensland Department of Tourism, Regional Development and Industry publishes Fact Sheets about common business topics including:
- Financing Your Small Business
- Annual Cash Flow Forecast
- Annual Profit Budget
- 10 Simple Rules for Credit Control
- Accounting and Record Keeping
This Department runs a variety of seminars and workshops on common small business topics including:
- Investment Facilitation Workshop - teaches emerging growth companies how to raise equity capital
- Managing for Profits - provides guidance on understanding the financial results of your business and the appropriate action required
Benchmarking a business may also assist in understanding how well it is performing and to identify areas of improvement. Department of Tourism, Regional Development and Industry provides an Online Financial Benchmarking Tool for purchase.
