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Maintaining an annual budget is considered a best practice for growing a business, yet many SMEs do not engage in the budgeting process.
Business finance management and budgeting has many common sayings. "Cash is king" is one that is heard the most. Surveys indicate that most businesses fail due to cash flow problems. It is very good to make profit, but cash flow is necessary to continue operating. SMEs often find it difficult to generate and hold on to cash. This is often due to debt incurred and the need for cash to fund operations and pay off debts.
That is why it is critical to maintain a level of working capital that allows you to make it through those crunch times and to continue to operate the business.
The world just changed rapidly, leaving many uncertain of how to survive the economic impact of Covid-19. Some enterprises have closed their doors as a result of tight budgets or non-existent budgets at all, SMEs have had to be nimble and move quickly to pivot their operations. These Interactive virtual session will cover valuable information such as
Ø how to update your financial forecasts, budgeting options and how to choose the best format for your business and goals
Ø How to set realistic goals and understand the budgeting process
Ø The proper way to evaluate budget vs. actual results
Ø How to work with your partners and advisors to create a budget for planning process
That is why it is critical to maintain a level of working capital that allows you to make it through those crunch times and continue to operate the business.
Join Frank Mwiti, the Eastern Africa Markets Leader at EY-Africa on this informative masterclass as he helps you identify the fundamentals of small business finances.
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