The modern business has a different set of financial requirements to a traditional business.
Modern businesses may have lumpy cash flow where they run a campaign to sell a service. And then spend the next few months delivering without any further income.
But like every business, the modern business owner needs:
- to understand the core financial concepts,
- to develop focused management skills, and
- to create a planned growth strategy.
Knowing how to do the bookkeeping is a useful skill to learn; but what's more important is to understand and interpret the numbers. Use the numbers to tell the story of the business. Interpreting the numbers provides further insights into the business helping you to make good business decisions.
A profitable modern business requires the owner to have a broad range of skills and knowledge.
Core Financial Concepts
Core financial concepts are the foundations of business numbers. The basic building blocks on which everything else is...