Question 1

Why is there a need for financial planning for the business owner?

Accepted Answer

Financial planning is a critical aspect of entrepreneurship, as it helps you manage your finances, achieve your goals, managing risk and ensure the long-term success of your business.

Question 2

What are the implications when proper financial considerations are not done?

Accepted Answer

Regardless of what stage you are in your business, sound financial planning can make a business successful. A lack of financial management is a big reason why companies do not survive crisis.

Question 3

What are the business risk and business crisis?

Accepted Answer

Business crisis outside the course of business could be the loss of a director or keyman. There are many examples of the loss of a key partner resulting in the lost of confidence in their creditors. Financial planning is a important step to mitigate the potential problems.

Question 4

Financial planning for business is only for large companies?

Accepted Answer

This is not true. Small medium enterprise where the financial resilience is not high and the role of a keyman or director significant, all the more proper financial planning is important.

Question 5

Should the business be kept within the family or should it be managed by the best person?

Accepted Answer

For a business to grow beyond the founder a suitable candidate is needed for secession planning. Usually the business is passed to the next generation but if a suitable candidate to run the business cannot be found, appointing the best person outside may be the way.

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