While entrepreneurs often lack formal financial training, having a basic understanding of financial concepts is critical for business success. Key principles include monitoring cash flow, establishing financial systems, measuring business metrics, creating annual budgets, leveraging vendors and customers for financing, choosing professionals carefully, and paying taxes on time. Entrepreneurs should focus on the financial foundation to build a sustainable company.
The document provides financial advice for entrepreneurs. It begins with 10 fundamental financial tenets that entrepreneurs should understand, including: ensuring cash flow, establishing financial systems early, measuring key metrics, creating annual budgets, using vendors and customers to fund the business, avoiding personal guarantees when financing, choosing financial professionals carefully, and paying taxes on time. Following the advice can help entrepreneurs put their company on a sound financial footing for success.
Marketing guru and agent of change Seth Godin writes that for your company to do more, sometimes you need to do less! Stop trying to be all things to all people (or customers), and focus (in your life and in your work) on your core strengths. Your business (and probably your sanity) are likely to improve.
By Seth Godin
a ChangeThis manifest
10 Secrets To Recession Proof Your BusinessCoupa Software
This document outlines 10 strategies for recession-proofing a business. The first strategy discusses really monitoring non-payroll spending to get spending under control and alter behaviors. The second recommends establishing and enforcing budgets to prevent overspending and ensure funds are directed efficiently. The third suggests curbing non-essential spending by delaying unnecessary purchases, reducing some employee benefits, and investing in products with quick ROI.
The ultimate guide to selling your businessChishakima
The document provides a guide to selling a business independently with seven key steps: 1) Prepare the business financially and document-wise for sale. 2) Advertise the business for sale. 3) Pre-screen interested buyers by having them sign non-disclosure agreements. 4) Show the business to qualified buyers and disclose appropriate information. 5) Negotiate offers with buyers. 6) Facilitate due diligence where buyers review detailed business records. 7) Complete the closing of the sale transaction, which may involve seller financing of a portion of the purchase price. Setting the right asking price based on profitability is emphasized as key to attracting legitimate buyers.
The document provides advice on maximizing the value of a business for sale by focusing on succession planning and finding a strategic buyer. Some key points:
- 55% of Australian business exits are due to failures like bankruptcy or illness rather than planned succession.
- Business owners need to dedicate time to strategic succession planning to attract well-prepared buyers and maximize sale value.
- Finding a strategic buyer who can leverage your business's value, like Apple purchasing voice recognition software, can yield a higher sale price than the business is worth.
- Owners should relentlessly focus on attracting strategic buyers by aligning their business with potential buyers' products and customers. This can result in premium prices like Facebook
This document provides guidance on setting up a new business or purchasing an existing business. It recommends consulting with a professional accountant to determine the appropriate business structure, complete necessary registrations and documentation, conduct market research and financial projections. When purchasing a business, it advises requesting financial statements, tax returns, supplier/customer information, and inspecting assets from the vendor to thoroughly evaluate the opportunity. The accountant can assist with financial, legal and banking aspects of establishing or acquiring a business.
The document discusses BVP, a company that specializes in helping small and medium enterprises expand through joint venture partnerships. It introduces the BVP team, including the CEO, managing director, and chairman, and their relevant experience. It then discusses various options for business expansion, including acquisition, franchising, licensing, and joint venture partnerships. It notes the risks associated with establishing new branches, commission-only sales models, and licensing/franchising. The document argues that joint venture partnerships can be a preferable expansion option for SMEs that want to grow without taking on all the risk themselves.
This document outlines the key elements that should be included in a sole financial plan, including profit and loss statements, cash flow statements, balance sheets, sales forecasts, personnel plans, and additional calculations like business ratios and break-even analysis. It provides descriptions and examples of each element, emphasizing that even basic numbers at the beginning stages can be helpful for understanding how the business operates financially. Developing these core financial statements gives owners and potential investors or lenders a clear picture of the business's financial position and performance.
The document provides financial advice for entrepreneurs. It begins with 10 fundamental financial tenets that entrepreneurs should understand, including: ensuring cash flow, establishing financial systems early, measuring key metrics, creating annual budgets, using vendors and customers to fund the business, avoiding personal guarantees when financing, choosing financial professionals carefully, and paying taxes on time. Following the advice can help entrepreneurs put their company on a sound financial footing for success.
Marketing guru and agent of change Seth Godin writes that for your company to do more, sometimes you need to do less! Stop trying to be all things to all people (or customers), and focus (in your life and in your work) on your core strengths. Your business (and probably your sanity) are likely to improve.
By Seth Godin
a ChangeThis manifest
10 Secrets To Recession Proof Your BusinessCoupa Software
This document outlines 10 strategies for recession-proofing a business. The first strategy discusses really monitoring non-payroll spending to get spending under control and alter behaviors. The second recommends establishing and enforcing budgets to prevent overspending and ensure funds are directed efficiently. The third suggests curbing non-essential spending by delaying unnecessary purchases, reducing some employee benefits, and investing in products with quick ROI.
The ultimate guide to selling your businessChishakima
The document provides a guide to selling a business independently with seven key steps: 1) Prepare the business financially and document-wise for sale. 2) Advertise the business for sale. 3) Pre-screen interested buyers by having them sign non-disclosure agreements. 4) Show the business to qualified buyers and disclose appropriate information. 5) Negotiate offers with buyers. 6) Facilitate due diligence where buyers review detailed business records. 7) Complete the closing of the sale transaction, which may involve seller financing of a portion of the purchase price. Setting the right asking price based on profitability is emphasized as key to attracting legitimate buyers.
The document provides advice on maximizing the value of a business for sale by focusing on succession planning and finding a strategic buyer. Some key points:
- 55% of Australian business exits are due to failures like bankruptcy or illness rather than planned succession.
- Business owners need to dedicate time to strategic succession planning to attract well-prepared buyers and maximize sale value.
- Finding a strategic buyer who can leverage your business's value, like Apple purchasing voice recognition software, can yield a higher sale price than the business is worth.
- Owners should relentlessly focus on attracting strategic buyers by aligning their business with potential buyers' products and customers. This can result in premium prices like Facebook
This document provides guidance on setting up a new business or purchasing an existing business. It recommends consulting with a professional accountant to determine the appropriate business structure, complete necessary registrations and documentation, conduct market research and financial projections. When purchasing a business, it advises requesting financial statements, tax returns, supplier/customer information, and inspecting assets from the vendor to thoroughly evaluate the opportunity. The accountant can assist with financial, legal and banking aspects of establishing or acquiring a business.
The document discusses BVP, a company that specializes in helping small and medium enterprises expand through joint venture partnerships. It introduces the BVP team, including the CEO, managing director, and chairman, and their relevant experience. It then discusses various options for business expansion, including acquisition, franchising, licensing, and joint venture partnerships. It notes the risks associated with establishing new branches, commission-only sales models, and licensing/franchising. The document argues that joint venture partnerships can be a preferable expansion option for SMEs that want to grow without taking on all the risk themselves.
This document outlines the key elements that should be included in a sole financial plan, including profit and loss statements, cash flow statements, balance sheets, sales forecasts, personnel plans, and additional calculations like business ratios and break-even analysis. It provides descriptions and examples of each element, emphasizing that even basic numbers at the beginning stages can be helpful for understanding how the business operates financially. Developing these core financial statements gives owners and potential investors or lenders a clear picture of the business's financial position and performance.
Komunitas PHP adalah komunitas sosial keuangan global yang bertujuan untuk saling membantu antar anggotanya tanpa mengharapkan keuntungan. Anggota dapat saling memberi dan menerima bantuan secara sukarela dengan menggunakan platform PHP. Komunitas ini tidak beroperasi sebagai bisnis atau perusahaan.
The document provides 5 recommendations to improve an e-commerce website. It suggests utilizing different colors and pictures to highlight the return policy and sell additional products beyond shoes. It also recommends making brands easier to search and emphasizing brands more. Further, it advises increasing pictures of different age groups to make the site appealing to all ages. Finally, it proposes comparing prices to other websites to demonstrate value and create loyalty through comparative advertising.
Finish Line wanted to increase engagement and revenue from their college fleece email campaigns. They used first-party customer data combined with third-party data from Experian to segment customers and make emails more relevant. The emails included interactive elements like live polls. This approach improved click-through rates by 21% and transactions by 24%, increasing campaign revenue by 42% year-over-year.
Ringkasan dokumen tersebut adalah:
1. MMM adalah sistem keuangan virtual yang didirikan oleh Sergey Mavrodi untuk melawan ketidakadilan sistem keuangan tradisional.
2. MMM beroperasi dengan menggunakan mata uang virtual bernama Mavro yang nilainya naik 1% per hari selama 30 hari untuk memberikan keuntungan 30%.
3. Sistem MMM hanya terjadi antar anggota tanpa campur tangan pihak lain, sehing
Dokumen tersebut menjelaskan tentang komunitas sosial keuangan bernama Together To Success (T2S) dimana anggotanya saling memberikan bantuan keuangan. T2S bukan perusahaan, MLM, atau investasi tetapi komunitas dimana anggota saling membantu dengan mentransfer uang dan menerima bantuan lebih besar dari anggota lain. Dokumen juga menjelaskan potensi penghasilan anggota sebesar 36% per bulan dan cara meningkatkan posisi
The document provides advice for entrepreneurs on financial management basics that are important to understand. It summarizes key financial concepts that entrepreneurs should be aware of in order to work effectively with financial advisors and spot potential problems early. The concepts include maintaining adequate cash flow, establishing financial systems from the start, measuring business metrics, creating annual budgets, using customers and vendors to help fund the business, and other financial management best practices.
This document provides information about basic financial planning for a business. It discusses the need to finance startup costs and ongoing working capital. Key aspects covered include:
- Calculating startup costs, survival budgets, and day-to-day expenses
- Approaching banks or specialist lenders for loans if self-funding is insufficient
- Maintaining accurate financial records like budgets, cash flows, and financial statements to monitor performance
- Using tools like break-even analysis to determine pricing and profitability
- Providing an example exercise where community groups bid on concessions at a community enterprise center for experience in negotiating and calculating costs.
This document provides an overview and guide for businesses seeking finance for growth. It discusses the importance of being prepared when seeking financing by taking a fresh look at the business, opportunities, challenges, and future plans. A key part of preparation is developing a robust business plan that demonstrates the vision, strategy, financial forecasts, funding needs, and management team to potential investors and lenders. The guide emphasizes the need for business owners to think critically about their financing options and ensure the business is "investment ready" before seeking funds to support growth plans.
The document discusses what a business plan is, including that it captures strategic, operational, and financial aims and should be a realistic representation of forecasts. It also outlines why a business plan may be needed, such as for funding, visa purposes, or establishing a franchise. Finally, it covers common elements of a business plan like structure, common mistakes to avoid, and tips for an effective plan.
This document provides 15 frequently asked questions about starting and running a small business. It addresses questions about determining if someone has the right characteristics to be an entrepreneur, how to evaluate one's own skills and capabilities for starting a business, the importance of writing a business plan even without seeking financing, how to determine startup costs and expenses, the purpose and importance of financial statements, why monthly cash flow analysis is critical, ways to obtain cash to maintain and grow a business, why location is so important, how to evaluate competition, strategies for better marketing a business, what to consider when creating marketing brochures, how to improve customer service, and resources for getting answers to business-specific questions. SCORE is identified as an organization that provides free
Learn How to Create the perfect Business Plan to Save so much Money and years of Frustrations.
- If you want more Useful and Valuable FREE Reports, go to: http://thingsiwant2know.wordpress.com/
1. The document provides guidance on creating an effective business plan, with chapters covering key elements like the executive summary, mission statement, financial needs, and competition analysis.
2. It emphasizes that a business plan can help keep a business on track, prevent failure, and take advantage of opportunities, while a lack of planning could lead to slow growth and missed chances.
3. Tips are given for each section, stressing honesty, clarity, and realism in financials, keeping summaries concise, and thoroughly researching competitors to position one's own business strategically.
1. The document provides guidance on writing an effective business plan, with a focus on key elements like the executive summary, mission statement, and financial planning section.
2. Tips are given for each section, emphasizing brevity, clarity, and justifying all figures. Readers are encouraged to seek professional help and be honest in their assessments.
3. An effective business plan can help secure funding and provide a roadmap for business operations, but requires accurately portraying the business vision, market, and financial needs.
The document provides tips for budgeting business expenses by anticipating seasonal fluctuations in revenue. It recommends creating a 12-month plan that sets benchmarks and goals for expenses during busy and slow periods. It also suggests maintaining good customer relations to ensure timely payments and starting to save a buffer of 3-6 months of operating capital to prepare for unexpected costs.
Working capital is essential for business operations, especially for small and medium enterprises. However, many SMEs do not properly manage their working capital, failing to consider the opportunity costs of money tied up in working capital. The document outlines several areas where SMEs can improve working capital management, such as ensuring cash collection procedures are followed, reducing expenses, and bringing down financing costs. It emphasizes that working capital management should be integrated into overall business strategy rather than viewed solely as a finance department responsibility. SMEs are encouraged to think innovatively about working capital management to significantly improve their capital position.
Stepping into a role which requires business finance knowledge? Here is a short guide offering advice, tools, and expertise that you will need to equip yourself with to be successful. Check out our Diploma in Business Finance for more.
BioStrategy - Feb 09 - Role of CFO at a new venturethess1121
The document discusses the different roles of a bookkeeper, controller, and CFO in growing businesses. It notes that while bookkeepers perform basic record keeping, controllers can create customized reports and manage accounting software. CFOs can structure complex financing deals and create strategic financial projections. Outsourcing financial roles is recommended as it provides expertise in a cost-effective manner without requiring a business to hire full-time employees for each role. Banks expect growing businesses to have experienced financial professionals handling reporting requirements.
Komunitas PHP adalah komunitas sosial keuangan global yang bertujuan untuk saling membantu antar anggotanya tanpa mengharapkan keuntungan. Anggota dapat saling memberi dan menerima bantuan secara sukarela dengan menggunakan platform PHP. Komunitas ini tidak beroperasi sebagai bisnis atau perusahaan.
The document provides 5 recommendations to improve an e-commerce website. It suggests utilizing different colors and pictures to highlight the return policy and sell additional products beyond shoes. It also recommends making brands easier to search and emphasizing brands more. Further, it advises increasing pictures of different age groups to make the site appealing to all ages. Finally, it proposes comparing prices to other websites to demonstrate value and create loyalty through comparative advertising.
Finish Line wanted to increase engagement and revenue from their college fleece email campaigns. They used first-party customer data combined with third-party data from Experian to segment customers and make emails more relevant. The emails included interactive elements like live polls. This approach improved click-through rates by 21% and transactions by 24%, increasing campaign revenue by 42% year-over-year.
Ringkasan dokumen tersebut adalah:
1. MMM adalah sistem keuangan virtual yang didirikan oleh Sergey Mavrodi untuk melawan ketidakadilan sistem keuangan tradisional.
2. MMM beroperasi dengan menggunakan mata uang virtual bernama Mavro yang nilainya naik 1% per hari selama 30 hari untuk memberikan keuntungan 30%.
3. Sistem MMM hanya terjadi antar anggota tanpa campur tangan pihak lain, sehing
Dokumen tersebut menjelaskan tentang komunitas sosial keuangan bernama Together To Success (T2S) dimana anggotanya saling memberikan bantuan keuangan. T2S bukan perusahaan, MLM, atau investasi tetapi komunitas dimana anggota saling membantu dengan mentransfer uang dan menerima bantuan lebih besar dari anggota lain. Dokumen juga menjelaskan potensi penghasilan anggota sebesar 36% per bulan dan cara meningkatkan posisi
The document provides advice for entrepreneurs on financial management basics that are important to understand. It summarizes key financial concepts that entrepreneurs should be aware of in order to work effectively with financial advisors and spot potential problems early. The concepts include maintaining adequate cash flow, establishing financial systems from the start, measuring business metrics, creating annual budgets, using customers and vendors to help fund the business, and other financial management best practices.
This document provides information about basic financial planning for a business. It discusses the need to finance startup costs and ongoing working capital. Key aspects covered include:
- Calculating startup costs, survival budgets, and day-to-day expenses
- Approaching banks or specialist lenders for loans if self-funding is insufficient
- Maintaining accurate financial records like budgets, cash flows, and financial statements to monitor performance
- Using tools like break-even analysis to determine pricing and profitability
- Providing an example exercise where community groups bid on concessions at a community enterprise center for experience in negotiating and calculating costs.
This document provides an overview and guide for businesses seeking finance for growth. It discusses the importance of being prepared when seeking financing by taking a fresh look at the business, opportunities, challenges, and future plans. A key part of preparation is developing a robust business plan that demonstrates the vision, strategy, financial forecasts, funding needs, and management team to potential investors and lenders. The guide emphasizes the need for business owners to think critically about their financing options and ensure the business is "investment ready" before seeking funds to support growth plans.
The document discusses what a business plan is, including that it captures strategic, operational, and financial aims and should be a realistic representation of forecasts. It also outlines why a business plan may be needed, such as for funding, visa purposes, or establishing a franchise. Finally, it covers common elements of a business plan like structure, common mistakes to avoid, and tips for an effective plan.
This document provides 15 frequently asked questions about starting and running a small business. It addresses questions about determining if someone has the right characteristics to be an entrepreneur, how to evaluate one's own skills and capabilities for starting a business, the importance of writing a business plan even without seeking financing, how to determine startup costs and expenses, the purpose and importance of financial statements, why monthly cash flow analysis is critical, ways to obtain cash to maintain and grow a business, why location is so important, how to evaluate competition, strategies for better marketing a business, what to consider when creating marketing brochures, how to improve customer service, and resources for getting answers to business-specific questions. SCORE is identified as an organization that provides free
Learn How to Create the perfect Business Plan to Save so much Money and years of Frustrations.
- If you want more Useful and Valuable FREE Reports, go to: http://thingsiwant2know.wordpress.com/
1. The document provides guidance on creating an effective business plan, with chapters covering key elements like the executive summary, mission statement, financial needs, and competition analysis.
2. It emphasizes that a business plan can help keep a business on track, prevent failure, and take advantage of opportunities, while a lack of planning could lead to slow growth and missed chances.
3. Tips are given for each section, stressing honesty, clarity, and realism in financials, keeping summaries concise, and thoroughly researching competitors to position one's own business strategically.
1. The document provides guidance on writing an effective business plan, with a focus on key elements like the executive summary, mission statement, and financial planning section.
2. Tips are given for each section, emphasizing brevity, clarity, and justifying all figures. Readers are encouraged to seek professional help and be honest in their assessments.
3. An effective business plan can help secure funding and provide a roadmap for business operations, but requires accurately portraying the business vision, market, and financial needs.
The document provides tips for budgeting business expenses by anticipating seasonal fluctuations in revenue. It recommends creating a 12-month plan that sets benchmarks and goals for expenses during busy and slow periods. It also suggests maintaining good customer relations to ensure timely payments and starting to save a buffer of 3-6 months of operating capital to prepare for unexpected costs.
Working capital is essential for business operations, especially for small and medium enterprises. However, many SMEs do not properly manage their working capital, failing to consider the opportunity costs of money tied up in working capital. The document outlines several areas where SMEs can improve working capital management, such as ensuring cash collection procedures are followed, reducing expenses, and bringing down financing costs. It emphasizes that working capital management should be integrated into overall business strategy rather than viewed solely as a finance department responsibility. SMEs are encouraged to think innovatively about working capital management to significantly improve their capital position.
Stepping into a role which requires business finance knowledge? Here is a short guide offering advice, tools, and expertise that you will need to equip yourself with to be successful. Check out our Diploma in Business Finance for more.
BioStrategy - Feb 09 - Role of CFO at a new venturethess1121
The document discusses the different roles of a bookkeeper, controller, and CFO in growing businesses. It notes that while bookkeepers perform basic record keeping, controllers can create customized reports and manage accounting software. CFOs can structure complex financing deals and create strategic financial projections. Outsourcing financial roles is recommended as it provides expertise in a cost-effective manner without requiring a business to hire full-time employees for each role. Banks expect growing businesses to have experienced financial professionals handling reporting requirements.
This document provides 7 tips for achieving financial freedom when buying a business:
1. Determine your goals for the business and ensure financial freedom is a priority.
2. Be prepared for long hours required to establish the business, and ensure family is supportive.
3. Carefully analyze the business's financial reports like cash flow, balance sheet, and profit/loss statements to ensure the numbers support buying the business.
4. Consider walking away if the financials are poor, or look for ways to improve profits through streamlining or new technology.
5. Consider buying to later sell the business for capital gains. Setting up systems with a future sale in mind can incentivize success.
6. Franchises
This document discusses developing new business ideas. It covers characteristics of successful entrepreneurs, identifying business opportunities by finding gaps in the market and consumer needs. It also discusses evaluating business opportunities through research and determining market demand. Additionally, it addresses economic considerations, financing options, measuring potential success through sales estimates and profits, and putting the business idea into practice with a business plan. The document provides resources for further reading and research on business topics.
Buyers want a business with a proven track record of consistent financial performance with solid, growing revenue and earnings. Yet most businesses are rather flabby when it comes to fiscal fitness. Focusing on the top financial drivers of business value will make it easier to sell your business and get you more money - then as well as now. Many businesses are dependent on the owner for success. If you want to add value, be sure you have systems running the business and a great team running those systems. Like financial and organizational factors, operational factors can add or take away value.
The document provides advice from entrepreneurs on common hurdles that startups face and how to overcome them. It discusses issues such as losing sight of market needs, not being open to change, allowing mediocrity, poor cash flow management, founder exits, impressing investors, retaining talent, and more. The entrepreneurs emphasize the importance of constantly validating ideas with customers, having a frugal mindset, prioritizing culture, and securing the right mentor for guidance.
How to manage cash flow At Different Stages of Business.pdfFazal Paci
We understand that it might be hard to hire a professional accountant to help you manage and sustain a steady cash flow. The good news, however, is that there are many financial management tools available to help with this like Paci Finance.
This document provides an overview of a seminar on formulating strategies and action plans for financial stability during slow economic periods. The seminar agenda covers available government assistance programs, managing late payments, tax computation, and a question and answer session. The presentation discusses analyzing financial statements, developing a target financial situation and steps to close the gap between the current and target situations. It also outlines government grant programs for small businesses, including the Innovation and Capability Voucher and Capability Development Grant. The presentation provides examples of how these grants can be used to improve financial management and support business growth.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
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For more information about PECB:
Website: https://pecb.com/
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Slideshare: http://www.slideshare.net/PECBCERTIFICATION
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
5.04.financial fitness
1. ChangeThis
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Financial
Fitness
for Entrepreneurs
While creating a growth business can be exhilarating,
many entrepreneurs—especially those starting a
company for the first time—donʼt pay enough
attention to some core issues surrounding the
financial management of their businesses. continued >
by Brad Feld
| iss. 5.04 | i | U | X |+| Not using Adobe Acrobat? Please go to http://changethis.com/content/reader NEXT f
2. ChangeThis
Often, founders don’t have formal training in finance—they’re
“techies” launching the next Apple Computer or Netscape,
professionals putting together advertising, management consulting,
or human resources agencies, or super-salesmen types who’ve figured
out how to sell a pizza or deliver a package faster, better and cheaper.
Always, they’re intimately involved with their core product or service.
Often, they are too busy to burrow into the details of some of the
company’s functions, of which finance is the most critical.
These entrepreneurs are savvy enough to know they must work with
financial professionals, such as their CFO and outside auditors or
CPAs. However, no matter what their background or inclination about
finance, founders need to have a working understanding of the basics.
An elementary level of financial literacy means they’ll work more
intelligently with their financial advisors and become the first line of
defense for spotting potential problems in the young company.
What follows are some fundamental financial tenets that all early-
stage entrepreneurs should be aware of, understand, and heed.
| iss. 5.04 | i | U | X |+| h 2/9
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3. ChangeThis
CASH IS KING
No matter what, donʼt run out of money. Nothing else in this article matters if you run
out of money. This means know your burn rate (the net cash that is flowing out of your
business each month) and be aware that your low cash point for any given month may
not be at the end of the month. In other words, donʼt get caught planning based on full
month figures only to find that you do not have enough money to pay your most im-
portant vendor on the 15th because your customers donʼt pay you until the 30th.
PUT IN REAL FINANCIAL SYSTEMS FROM DAY ONE
Lots of entrepreneurs figure that theyʼll “get around to putting in real financial sys-
tems someday soon.” Of course, that rarely happens, especially if no one on the
founding team has a strong financial background. The cliché, “Itʼs better to build on a
strong foundation,” applies. Put the foundation in place early so that as your business
grows, you are on solid financial footing.
MEASURE EVERYTHING
If you have real financial systems in place, you can measure everything. Be obsessive
about it. Some things that youʼll measure will be similar to what most other business-
es measure, such as your P&L, balance sheet, and cash flow statements. Other things
will be unique to your business—oriented around your specific customers or products.
As your business grows, make sure you evolve and expand what you measure to best
reflect the current state of your business. Look especially for metrics that will help tell
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you where your business is going, not just where it has come from. Financial systems
can and should capture more than just historical financial results.
BUILD AN ANNUAL OPERATING PLAN
Be disciplined about creating an annual operating plan and budget every year. You
should have it finished before January 1. This is your easiest benchmark to measure
against—your own expectations. If you donʼt set them, you wonʼt know how you did.
USE YOUR VENDORS TO FUND YOUR BUSINESS
Vendors love to get paid on time (or early). However, as a young business, your vendors
will appreciate consistency of payment over timeliness. While most vendors will want to
be paid within 30 days (or less), itʼs typical to stretch payables 45 to 60 days. The key
is to pay consistently—if you have a vendor from whom you continually use services or
buy products, donʼt store up your bills and pay in one lump sum sporadically. Instead,
send regular payments. Also, donʼt dodge calls from vendors about paying late. Tell
them when you are going to pay them, and then make sure you follow through.
USE YOUR CUSTOMERS TO FUND YOUR BUSINESS
Customers—especially ones that value your products and services—will often be will-
ing to pay on very short terms. Donʼt be bashful about asking them to prepay, espe-
cially if you are a service business.
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BE CAREFUL OF PERSONAL GUARANTEES
Banks love personal guarantees. Entrepreneurs hate them. You should avoid them if
you can – only sign one as a last resort. You are already investing a huge amount of
your personal assets and energy in your business. If you canʼt get financing based
on the strength of your business, you should question whether itʼs the right kind of
financing. In the upside scenario, when your business succeeds, the personal guaran-
tee doesnʼt matter. Itʼs the downside case you should be worried about, because you
could lose major personal assets like your house.
IF IT SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS
While this is generally true in life, itʼs especially true concerning financial issues sur-
rounding an early stage company. Your books should always balance, financings will
always have a cost, and investors are always going to have strings attached to their
money. Ask questions, be wary, and know what you are getting into.
FINANCE YOUR BUSINESS APPROPRIATELY
FOR WHAT YOU ARE TRYING TO CREATE
One of the most common mistakes an early stage entrepreneur makes is trying to
raise the wrong kind of money for the business. It makes no sense for a service busi-
ness that could potentially be a $5 million company within three years to try to raise
$10 million of venture capital. Correspondingly, it doesnʼt make sense for a capital-in-
tensive company that needs to build a plant to raise $250,000 of angel money.
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CHOOSE PROFESSIONALS CAREFULLY
It may be tempting to use your wifeʼs brotherʼs friendʼs neighbor as your lawyer, be-
cause he will give you a great rate and you see him at the neighborhood barbecue,
but you get what you pay for. The same is true for accountants and other services that
your business will use. Find professionals who know what they are doing and have
experience with young companies.
DON’T TAKE ANYTHING FOR GRANTED
Double-check everything. If you have the right systems (did I mention that you should
have good systems?), this is easy. If you donʼt, reread the second bullet point and put
in the right systems.
PAY YOUR TAXES ON TIME
Unlike customers and vendors, our local, state, and federal tax authorities donʼt appre-
ciate being used as financing sources for your business. In addition to potentially incur-
ring onerous penalties, missing or delaying tax payments is often a serious crime.
That’s the list. Read it over, familiarize yourself with it, and begin
developing a lay entrepreneur’s understanding of finance. You’ll then
be able to work deftly with your pros to put the company of your dreams
on the sound financial footing necessary for success.
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info
ABOUT THE AUTHOR
Brad Feld is a managing director of Mobius Venture Capital. http://www.mobiusvc.com/
In 1995, he founded Intensity Ventures, a company that helps launch and operate software compa-
nies. Intensity Ventures was a venture affiliate of SOFTBANK. In 1987, he founded Feld Technologies,
a software consulting company that was acquired in 1993 by AmeriData Technologies. Mr. Feld serves
as director of a number of Internet-related and software companies. He holds S.B. and S.M. degrees
from the Massachusetts Institute of Technology.
For more of his thoughts, visit Brad Feldʼs blog, Feld Thoughts, http://www.feld.com/blog/
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