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.
- The virtual assistant
- Developing a Business Plan
- Sustainability and Business Improvement
- Innovation and Product Development
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Finance for Enterprises
- The importance of financial management for a business
- How to identify financial requirements to support an enterprise
- The importance of accurate bookkeeping to financial management
- Evaluating financial options to fund a business
- Monitoring income and expenditure against business objectives
- Conducting a financial analysis
- Marketing and Networking
- MYVA Resources