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A new business means great opportunities for everyone: employees enjoy greater growth rates and promotions, customers get more competitively priced products and services, business owners gain increased profit potential, and the market opens up to more job opportunities and economic growth.
However, managing a new business is no easy task – handling your finances and having a record of cash flow is essential to staying on top of the game. It’s therefore essential to prepare an accurate and realistic financial management plan which incorporates the unique needs of your company with the current and future market trends. Here is an overview of how to effectively plan your finances so that your business is on track from day one.