BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Not start the business
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Entrepreneur can look to reduce the costs of going into business-to boost the profit potential
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Entrepreneur should look at all costs and attempt to find ways to reduce them (assets, expenses)-again to boost profit potential
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All of the above
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Detailed explanation-1: -What should a financial plan include? A financial plan consists of five budgets that detail the minimum requirements for starting your business, the investments you will need to make and how you plan to finance them. This allows you to determine whether your business idea is viable.
Detailed explanation-2: -A good financial plan keeps you focused and on track as the company grows, when new challenges arise, and when unexpected crises hit. It helps you communicate clearly with staff and investors, and build a modern, transparent business.
Detailed explanation-3: -While ensuring a business is both successful and profitable are the main aims of financial management, it also seeks to: support compliance and regulation adherence. maximise profits, stakeholder returns and overall company value. track liquidity and cash flow.
Detailed explanation-4: -A financial plan paints a comprehensive picture of your current finances, your financial goals and any strategies you’ve set to achieve those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life.