Sunday, December 14, 2008

Business Plan Format: The Need to Understanding Finance in Small Business

One of the least understood areas of any business plan format or layout is the numbers part of your business. In small business many understand the basics but few the core ingredients of smart financial management.

Although big business has the luxury of hiring experts in this field, small business owners are often left to rely on their accountants to really give sound advice on the financial aspects of their business.

Trouble is accountants often only come from a historical aspect, in other words, the past. Now sure, there is some exceptions to this and many pro-active accountants are out there - I have just not found them existing where my business clients are.

Recently I have come across a great book called, "Financing Any Business Intelligently" by Dileep Rao. This book is full of great advice for small-business owners and budding entrepreneurs.

Dileep Rao, who teaches entrepreneurship and venture financing at the University of Minnesota's Carlson School of Management, has made a practical must read book and with a very impressive background in finance, the author has succeeded in making a relatively complex subject come to life in real terms. "Finance Any Business Intelligently," a book just published in October.

Tough Times such as these, according to Rao, often are prime time for entrepreneurs, the innovative products and services they bring to the market and the jobs they create. So the current financial meltdown makes understanding how your business affects your money and how money affects your business even more relevant, he figures.

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Using a sensible financial plan as part of your business plan format, could just make the difference between quantum growth or failure

1 comment:

joe said...
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