Financial Planning and Control

November 20, 2024

Mbiydzenyuy Yvonne Fola

UM75019BAC84196

Financial Planning and Control for New Businesses

This document outlines the critical role of financial planning and control in establishing a successful business. It emphasizes the need for a dedicated finance team to manage resources effectively, track financial performance, and implement sound financial strategies. By understanding financial metrics and maintaining accurate records, businesses can anticipate future challenges and opportunities.

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Assignment Transcript

The document serves as a comprehensive guide for students and entrepreneurs embarking on the journey of starting a new business. It highlights the importance of financial management, including the establishment of a finance team, the implementation of accounting standards, and the necessity of tracking income and expenses. By adopting effective financial planning strategies, businesses can mitigate risks, enhance decision-making, and ensure sustainable growth. The insights provided are essential for understanding financial statements and metrics, which are crucial for evaluating business performance and making informed decisions.

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