Click here to visit the GREAT Yorkshire Directory for quality business suppliers in YOUR AREA

Planning Your Business Finances and Requirements

Good financial planning is a vital requirement of starting a business and has complex aspects, particularly in the cash flow projections.

Tax, VAT, payment terms, debt collection, projections and credit ratings amongst others are all areas where expert opinion and assistance is most advisable.

However, there should be equal emphasis on the business owner really understanding the nuances of the financial plan themselves.  An expertly (externally) created plan is much less valuable than one where the business owner properly knows precisely what they need to do to deliver it.

You have probably seen the famous dragons den team dishing out the scorn and mocking any prospective entrepreneur seeking funding when they don’t actually ‘know’ their numbers!  But more than this, it is a legal issue too – as the business owner, any failing to properly conduct the business is your legal responsibility and so, ‘knowing’ your numbers is something essential to all businesses.

A professional advisor who can translate and explain the more technical side of financial planning is much more valuable than a mathematical and technical approach.  Ultimately, you need to take responsibility for your business and its financial performance.

Create your financial plan over differing time scales, cash flow may be fine on an annual basis but a disaster in the middle.  Take professional advice and support but ensure you understand, ‘know’ and own your financial planning and numbers.

Financial planning thinking from Yorkshire Powerhouse

Now you’ve read about Financial Planning, have you any more questions?

Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:

Please leave this field empty.

Guides within this section

Relevant Life Insurance

Guide:Relevant Life Insurance

Is Pension part of your business strategy?

Guide:Is Pension part of your business strategy?

Ebor Financial Planning provide expert advice to help small businesses protect their personal finances as well as those of their business. Is Your Personal Financial Plan in check?

Guide:Is Your Personal Financial Plan in check?

Do you really want to put more money into your business

Guide:Do you really want to put more money into your business?

Sources of Finance

Guide:Sources of Finance

Understanding Cash Flow

Guide:Understanding Cash Flow

Personal Survival Budget

Guide:Personal Survival Budget

Start-up costs

Guide:Start-up Costs

Please share this page with your own network to spread the word:

Yorkshire Powerhouse Limited is a company registered in England & Wales No. 10237925.
Registered address: 40 Gordon St, Slaithwaite, Huddersfield HD7 5LH