Managing my business finances

Managing my business finances

May 17, 2010 by www.inafishbowl.com

Entrepreneurship is all about making things happen and turning ideas into a profitable business. However, it’s impossible to have all the skills and attributes in one single individual- no matter how motivated or how working one can be, to turn an idea into a long-term profitable proposition requires a team of people who complement each other.

I realised a while ago that I could do with bringing into the team someone who has the skill sets to help me really get the numbers behind the forecasts right, and to help me negotiate with banks, funders and other possible stake holders. Someone who can help me turn the forecasts into a reality; in other words, an experienced, trustworthy financial director.

It was time for me to call in the experts. I came across an organisation which offers the services of a “virtual” or part-time FD who will work with a company for a minimum of 1-2 days per month and helps with all the financial strategic stuff. I met with the regional director of that organisation and my FD-to-be if we will take things further. It was a pleasant, purposeful meeting, and I felt I could trust the guy. They call it the “barbecue test”, in other words, would you invite the person to a barbecue. We will go to the next step and meet for a full day to discuss the business past, present, future and financial strategy.

I think this model will be the affordable way to bring an experienced helping hand to complement my winning team and turn my proposition into a reality.

You can find out more about Marcela on the new interactive business website www.inafishbowl.com

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Comments

If you're self employed without staff and you have to do this on your own, remember to also complete an income and expenditure template for your persoanl finances too. It will help you to understand how much money you need to earn to draw a wage from your business. Add this to your business costs and cash flow forecast and your on to a winner by seeing the bigger picture.

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