FINANCIAL MANAGEMENT FOR BUSINESS 2

Today we move another step forward

Let’s dig a bit deeper on managing money

If you want to manage your money properly the first part to do is to know how to plan your money.

One way of doing this is called the Operational Cost Plan, meaning that you need to plan your expenditure monthly.

Here are some points in getting this done;

• your business contains several operations and production activities
• these activities will require resources to function optimally
• You need to know and budget for how to get this operational cost sorted.
• Operations such as production, staff salary, utility, internet, marketing, loan repayment, depreciation, etc.
• your profit as a business is after you remove your operational cost
• document all your operations cost and budget on how to source it internally