In this podcast, we discuss finance tips for SME owners and entrepreneurs with Ash Ajaz, founder and CEO of Focus Finance Solutions, such as the main things an SME business owner or start-up founder should know, the types of finances available to SMEs, and how running a business impacts your personal finances.
We look at having realistic expectations and goals so that you can be more precise with your budget plans and manage your money in the best way, the importance of preparing for emergency expenses and any unexpected costs which could save your business, and being sure you understand your cost of production to ensure you are pricing your products or services that work best for your profit margins.
Many businesses owners leave everything financial to their accountant but you need to know the fundamentals of your finances and understand what your balance sheets look like. Even basic things such as knowing when your payments are due to contractors, when you should expect payments from your customers, or what your recent bank statements look like should be things that you stay on top of personally.