Week 3.
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Business Structure
Choosing model with legal and tax considerations. Understanding hierarchy, management, employees and stakeholders. Operational procedures. Financial planning, ROI’s, credit, banking, projections and dividends. Supply chain networks and maintaining a high Customer Service culture. Effective communications and liaisons. Macro and Micro environments. |
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What's the right Business structure for my business?
When starting your business you will be thinking about if you are "going it alone" or with a partner? Perhaps you have investors and shareholders who will help and work in the business or just be part owners but involved. Tax considerations are important in choosing the right set up. Remember you can change as the business grows or has ownership changes. Video 3:41 mins |
Financial Planning
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Financial Statements
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Your financial statements should show both a long- and short-term vision for your business. In business plans, three-year and five-year projections are considered long term, and your plan will be expected to cover at least three years. Your projections should be neither overly optimistic best-case scenarios, nor overly cautious worst-case scenarios, but realistic in-between projections that you can supportThe three basic financial statements are the
(1) Balance sheet, which shows firm's assets, liabilities, and net worth on a stated date; (2) Income statement (also called profit & loss account), which shows how the net income of the firm is arrived at over a stated period, and (3) Cash flow statement, which shows the inflows and outflows of cash caused by the firm's activities during a stated period. Also called business financials. |