Financial Planning 101

Posted in Young Entrepreneurs on Apr 01, 2023

Although many entrepreneurs run their businesses by the seat of their pants, using gut instinct, learning and making mistakes as they go, few will truly grow and achieve success in this way. This is not to say that ‘street smarts’ cannot succeed and only ‘book smarts’ are able to launch, run and manage a business, but whichever way you approach entrepreneurial endeavour, there are some basic business principles which apply.

Young entrepreneurs face prejudice precisely because of their age and so it is even more important to have a watertight business plan along with a sound business idea if you mean to succeed.

By establishing robust financial systems and processes, setting goals and regularly measuring and reassessing your achievements, you will be establishing a business that will be a legacy for many – for those you employ, those you provide your product or service to, for the community in which you operate and ultimately a legacy for yourself and your family. Proper financial planning for success is important.

Start with a plan today.