It is common knowledge that if you want to understand how a business is doing, you need to look at its financial statements. This is the go-to place for any investor or stakeholder interested in finding out how the business is performing. But does it tell the full picture? Are financial metrics enough, or do we need something more?
You can not start and run a business without funding. It is advisable to start planning business funding at the very beginning to avoid uncomfortable surprises. In most cases, you will be injecting money into the business for a few months without seeing any revenue.
In this article, we are going to explore different avenues to get you started, to help you create an action plan for your business.
Most businesses start with one thing in mind. ‘How much profit will it make?’ OR ‘How much money will ‘I’ as a business owner will make?’ Although there is nothing wrong with having a set target and having profit as the main driver for making decisions. Profit can often be manipulated, and therefore what a business started out to achieve can somewhat become vague.