INNOVATION AND CREATIVITY
INNOVATION IN ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Demonstrate potential value of company to investors.
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Demonstrate health and value of company to credit providers.
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Setting a baseline for measuring and monitoring company development.
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Planning and ensuring sufficient working capital throughout the firms operations.
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All of the above.
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Detailed explanation-1: -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-2: -A financial plan is the most important thing a small business needs. It’s a road map, a guideline, a reminder of what your goals are–what you are trying to achieve in the short-term and the long-term. It lays out what your possible costs are, and it seeks out to address avenues for how to manage these costs.
Detailed explanation-3: -What is a Financial Plan? A financial plan helps determine if an idea is sustainable, and then keeps you on track to financial health as your business matures. It’s an integral part to an overall business plan and is made up of three financial statements-cash flow statement, income statement and balance sheet.