Reading The Essential Finance Handbook for Business Owners could be one of the most helpful gifts you could ever give yourself as a business owner. It is a great companion for any entrepreneur who is venturing into the world of business, which can often be a daunting place for those starting out. This book has been written to provide expert, easy to understand guidance to business owners to help them to better manage and run their business financial performance, both effectively and efficiently. Practical financial management advice is essential in ensuring that a solid financial foundation is created that can help lead to the growth that is envisioned.
Business owners face various challenges each day, one of the main ones being financial management. Generally as business owners we do not want to have to handle our finance matters, we would rather have someone deal with them for us whilst we focus on other aspects of the business. However, this is one of the biggest mistakes one can ever make as a business owner. At the end of the day, business is about finance, and almost every decision you make in business has a financial implication, and therefore it is crucial for you to take control, gain knowledge and implement what you have learned in order to effectively manage your finances efficiently, and ultimately grow your business and capacity.
This practical book sets out in 7 easy to read chapters how to embark upon this financial management journey. The first chapter deals with developing sound financial goals for the business; the second chapter helps to determine the appropriate business structure for the venture; the third chapter addresses the importance of knowing and understanding your financial management and reporting obligations; the fourth chapter helps with understanding basic financial concepts; the fifth chapter looks at the key role players in the financial management of your business including the book-keepers, accountants, auditors, and tax practitioners; the sixth chapter looks at designing financial controls and systems; and the final chapter helps with measuring financial performance in the business.
“Anyone running their own business or considering starting one, needs to have basic business financial literacy in order to make informed decisions. Business owners should understand that every decision in business has financial implications. Therefore, one cannot afford to make the mistake of ignoring finance matters and leaving the responsibility to someone else.”
– Precious M K Mvulane
original article from Lionesses of Africa