Finances are a very integral part of the entrepreneurial journey. You can have the best marketing program but without a solid financial system, you never seem to move forward. Any business that is going to survive the long haul must have a financial system: A financial system affects every area of the business, and works hand in hand with the marketing and operational system. While having a financial system will not prevent adversities from affecting your business, it will give you a more solid anchor in handling the adverse events that come your way.
A good financial system starts with the business map which includes a budget.
The map provides the purpose for the business which becomes the filter that clarifies what opportunities to accept and which ones to reject. Once you determine what you do, you can focus on allocating resources to what matters while minimizing waste. This is what the budget is all about.
Determining cost of goods sold
Comparing with prior year
Go to the financial analysis course