Every business is different and every entrepreneur will have their own individual approach to dealing with business finances.
There is a wealth of information that could help you learn more about managing money effectively in your business.
- Speak to a financial adviser at your bank or to your accountant about drawing up a cashflow forecast and a business plan. See choose and work with an accountant.
- Ask your local Chamber of Commerce or business support agency for advice on sources of finance and networking opportunities. See Northern Ireland Chamber of Commerce and Industry.
- Search on the internet for business advice websites.
- There are many books available on starting up and running a business. Your library will be a good starting point if you don't have enough cash to buy new books. Ask anyone you know if they have any business advice books you could borrow.
- Investigate if there are any local business networks where you live or work. Calling on the experiences of existing entrepreneurs and having a good working relationship with them can be a vital source of information and almost act as a bootstrap mentoring programme. See Northern Ireland business networks.
For further guidance on managing money see:
- cashflow management
- identify potential cashflow problems
- set up a profit and loss account for your business
- avoid the problems of overtrading
Watch Invest NI's tutorial on managing cashflow below.