Keith Turner QuickSilver Funding Solutions - Financial Strategies in a Business Plan

A large part of the business plan for any small business is the financial section of the plan. The financial section includes the income statement, cash flow statement and balance sheet. For new businesses, these financial statements will be projections, whereas for an existing the business the section will contain several years of history as well as projections. In addition to statements, the Keith Turner QuickSilver Funding Solutions plan should include the financial strategies of the business in how finances will be handled.

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Financial strategies are a core element for any business and they ultimately form the backbone of the business structure. Managing finances and pursuing and securing revenue are critical to the success of any business.

Cash Flow Management

The income statement and balance sheet of a business may look great on paper, but if the cash is not properly managed, the small business can quickly go under. Part of the financial strategy of the business plan will detail how cash will be used in the business. This includes identifying an amount that will always be in reserves as well as how major expenses will be paid. By laying out the financial cash strategy ahead of time, it will make financial decisions easier about when to write a check and when to access a line of credit during normal business practice.

Having a line of credit or business loan strategy is also necessary for many business models. A contractor for example might secure a large bid and need to access the cash quickly for overhead. Knowing when to access credit that has a large return is an important aspect of managing cash flow. Keith Turner QuickSilver Funding Solutions becomes especially important when securing projects depends on accessing outside capital to fund the project without a long waiting period.

Planning for Purchases

Any purchases made through the business, particularly large purchases, should have detailed guidelines in the business plan. This will determine which purchases will be made with cash, a line of credit and with a credit card. This strategy will also outline taking advantage of the terms of suppliers. For instance, if a supplier offers 45-day terms, the business will wait until the end of the term to make a payment. In addition, the purchasing strategy should specify if approval is needed by a manager or board for purchases over a certain amount.

Pursuing Outstanding Bills

If the business is not properly managing its own receivable, it can be devastating to the financial health of the business. The financial strategy should detail the collections plan. This may include dedicating in-house staff to following up with overdue customers or turning them over to an outside agency. It will also specify late fees and if deposits are due before products and services are delivered for new customers.

Investments for Growth

Although a specific investment strategy may not be able to be detailed in a written plan, general guidance should be given to management. This includes a percentage of money invested in high-risk portfolios vs. lower-risk portfolios. The investment section of the plan will also include guidelines of when approval is needed to make changes to current investments or to liquidate investments to cover business necessities.

Big Picture Considerations

The financial strategy of a business plan should be a general guide. While some specifics, such as approval authorities can be outlined, it will be difficult to account for every possible financial scenario that may arise in the business. However, the financial strategy should be enough of a guideline to direct the basic staff of the business in conducting the financial aspects of the business from paying for purchases to making payroll.

Keith Turner QuickSilver Funding Solutions - Five Ways To Handle Your Personal Finances Successfully

In order to live one's life comfortably and well, it is not just necessary to earn enough money, but also have the acumen to deploy it in a manner that it yields good returns. People who are financially sound and successful are those who dedicate most of their time and energy in budgeting, managing and planning their finances on a regular basis. 

KeithTurner QuickSilver Funding Solutions in order to make your money grow, you not just need to have the basic financial education and make a constant effort to enhance it. Here are five tips you can use to handle your money better.

Make a schedule and select a date in your calendar every week to manage and plan you finances.

People often dream of becoming millionaires but they don't spend the necessary time and energy for planning their budget and finances. Make it compulsory and recurring habit to make at least one day in a week your money date. This time should be spent in figuring out what is happening to the funds you have, whether you can deploy them in better investment avenues in order to maximize your returns, whether you have any upcoming financial commitments. Make sure that you are up to speed when it comes to money matters.

Try to commit at least 30 minutes every day in reading about matters related to money.

Managing your money will not be a tall task if you have enough financial acumen. You may not have a background in finance yourself, but in order to make your money hard for you, you must make the extra effort to educate yourself financially. If you do not have enough knowledge about finances, you ca make a mistake with your investments that can cost you dearly. To avoid such pitfalls, make sure that you spend at least half hour each day, understanding the various aspects of finance. Red books, magazines, look through the internet and watch finance related programmes on television.

Talk to people you admire

Once you feel confident about finance related topics such as spending, saving, credit, debit, investing, retirement strategies, you can also try to consult with people whom you admire. These people may be mentors, entrepreneurs or just those who have found success financially

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Make and test your own financial strategies in life

Ultimately it is all about what works for you. You may read n-number of books and garner advice from people who have achieved financial success, but none of it will work for you if you do not have the wherewithal to chalk out your financial strategies. If you are not feeling confident all at once, start investing small amounts in various places that you think will work best for you. Once you have done so, you have to wait and watch to see the results. If you see that your strategies are working, meaning your money is actually growing because of smart deployment, you can go ahead and allocate more funds in the same avenues. The golden rule of investing is not to put all your eggs in one basket.

Opting for the services a financial advisor

If all of this does not appeal to you and you neither have the time or energy reading about money matters, you can repose your faith in the service of professional financial planners. For a small fee that they will charge you, they will do all the hard work for you to see your money grow. These are people who are cued on to the latest developments in the world of finance, so you can trust them with their decision.