FEATURED ARTICLE
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Financial Planning Guides Provide Direction
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One of the best ways for you to accelerate your business
Guide. If your primary skills are in product development,
business planning or marketing, it is essential to increase
your Financial IQ with some business and financial
planning tools. Don’t just leave all of the work to the bean
counters. A good CPA and equity investment advisor are
also critically important, but you must be able to think in
terms of business finance for every aspect of your small
business management and it is critical that you get a sound
education in financial planning principles. You must know
how to measure Profit and Loss (P & L) and how to
evaluate your Cost of Goods Sold (COGS) and other
primary functions of any business. This is where a good
Financial Planning Guide can quickly bring you up the
learning curve and become an essential business success
factor.
As in all things, your business success will depend on a
healthy balance of supply and demand. With a solid
financial planning guide, you can map costs for all inputs
(your “supply chain”) and all aspects of taking the product
to market (optimizing your “value chain”). You will be able
to quickly identify management and production efficiencies
by having a very clear idea of your controllable fixed costs
and your more volatile variable costs. You will be able to
create a roadmap for success by measuring your business
success rate of growth and know which of the financial dials
you can turn up or down depending on market acceptance
of your offering. By all means, get the proper financial
advisors on your mentoring team – but do your homework
as well with comprehensive financial planning tools.
Pamela Millar, CEO
Bridgemakers Consulting
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