Finance must be considered as an integral part of the business structure, since they directly affect all relevant aspects of it, but even more so it must be used as a tool that makes viability and the achievement of objectives possible. , previously established, of the company.
Both businessmen and entrepreneurs should pay attention to their financial area and take into account the importance of effective and efficient management of the company's finances.
Healthy finances contribute to having control and a treasury forecast, which will help us when it comes to knowing which decisions can be made and which ones cannot.
However, controlling the financial management of a company is not easy. This management must be carried out on a daily basis due to the importance it has in the survival of the organization and in decision-making. Some of the basic principles for the Financial Management of your company are:
Balance between risk and benefit: It is just as important to manage your income statement as your balance sheet.
The box, and not the benefit, is what is in charge: Make a short, medium and long-term Treasury Plan, managing your cash flow.
Diversify your business.
Study and value the opportunity cost of your company: The opportunity cost is the one that is incurred when making a decision and not another. Plan where you put your resources.
Get a balanced financial structure.
Know your cost structure.
Financial accounting is not enough: Adapt your financial accounting and management systems to obtain your analytical accounting. Control and monitor your business, on a monthly basis, not only at the end of the financial year.
Future vision: Plan the medium/long term: objectives, resources and necessary financing, scope and deviation from these...
Correct Financial Management is key to any business project. At the FEDA Investment Support Service, we have a team specialized in Financial Consulting that will help you when it comes to complying with the most complex aspects of your company's financial management. If you want to receive personalized advice, contact our team.
