Apr 09, 2022
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Objectives should arouse interest and hence obtain action Telephone Number List ASSESSING YOUR FINANCIAL RESOURCES This is also an important guiding principle to starting a new business. The avenues where you are going Telephone Number List to get financial assistance should be first priority. To do this, you will most probably if not obvious, need to write a well convincing business plan. A business plan helps your financier to measure Telephone Number List how feasible your business is. A business plan also is a management planning tool as it helps you to organize yourself as well as how best to utilize the resources that will be granted to you by the financing authority. Finance could come from personal savings Most Recommended banks, other subsidiary Telephone Number List financial institutions, grants and so on. I would personally recommend personal savings because they attract no interest element and you are you own accountant. IDENTIFYING THE FINANCIAL RISKS A risk is an unforeseen Telephone Number List scenario or situation that poses danger to you or your business. Therefore you should sit down and evaluate possible personal and business risks. Identify what factors could pose a danger to your unique selling proposition or core competence. Financial risks include Telephone Number List inflation, devaluation of currency, interest rates, operational costs, costs associated with stock exchange fluctuations, political risks, future business development, competition and so on.