LEARNING OUTCOMES OF THE MODULE

 
  • Understand the importance of financial management for a business
  • Understand how to identify financial requirements to support an enterprise
  • Understand the importance of accurate bookkeeping to financial management
  • Be able to evaluate financial options to fund a business
  • Be able to monitor income and expenditure against business objectives
  • Be able to conduct a financial analysis


INTRODUCTION

This unit will help you to understand the importance of financial management within a business and how to manage business finance resulting in a profitable and sustainable business.


WHY IS THIS UNIT RELEVANT FOR A SOLOPRENEUR 


Solopreneurs work alone and have to grow their business without the help and support of employees. It is therefore important that they have a knowledge and understanding of how to manage their finances, including budgeting, bookkeeping and financial literacy to help stay on track and run their business effectively. It is also important that they can identify ‘red flags’ and areas where they made need to obtain expert financial advice.
Developing a business plan, maintaining sustainability, innovating and developing new products, and developing marketing strategies all require elements of financial management to be successful.

RELATION TO OTHER UNITS OF MYVA MINI MBA

 

Developing a business plan, maintaining sustainability, innovating and developing new products, and developing marketing strategies all require elements of financial management to be successful.

finances.jpg
MyVA Project number: 2020-1-SE01-KA226-VET-092491
This project has been funded with support from the European Commission. 
The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.
cookieCookies help us deliver our services. By using our services, you agree to our use of cookies.