Finance Accounts and Legal Strategy Finance Accounts and Legal Strategy

Finance – Accounts – Legal Strategy

Finance Accounts and Legal Strategy

The very purpose of an entrepreneur to start his own business is to earn profit, make money. Being master in your domain field, expert in your technical space, does not by itself assures success in business. You got to be financially literate. Never disregard finance function, else it can spell doom in the business. Make sure that you are on top of your financial numbers regularly. You need not be financial expert but you must understand critical parameters of finance in your business.

Work out your standard Cost sheet for each product. What are your fixed cost and variable costs? What is your Break-even point? Understanding these numbers will help you design your sales strategy as well.

Define Annual and monthly Budgets. Design Management Information System (MIS) Reporting to track key numbers regularly. Monitor the performance of your company and the trend to be in control of your business.

"If you are born poor it’s not your mistake but if you die poor, it’s your fault."