Business panel: How do I manage my start-up’s finances?

FOR most entrepreneurs, running their own business is a dream come true. But developing your start-up into a viable success takes more than just a good idea.

Profit and loss, budgeting and accounts are all phrases which can frighten off even the most passionate entrepreneur. Following our recent Barclays Eagle Lab Accelerator programme event, where several local businesses learnt the basics of managing their own finances, here’s my top tips on where to begin in managing your start-up’s finances.

1. Achieve a basic understanding of ‘profit and loss’ and ‘balance sheet’. These are both crucial aspects to understand as they can allow you to speak confidently and professionally when discussing potential investment.

2. Set yourself objectives for both sales and cost control. Long-term and short-term objectives in these areas are key to monitoring your business’ growth.

3. Be aware of what finances are available to you and ensure that payment commitments can be kept. Always keep one eye on your cash flow by creating a plan for when you will make future payments.

n If you want to learn more about managing your business’ finances, join us for one of our events at the Barclays Eagle Lab located within the Digital Greenhouse: https://digitalgreenhouse.gg/events/calendar/