Entrepreneurs and managers use budgets and cash flow forecasts to establish the business direction and define how their objectives will be achieved.
To make informed business decisions in the present it’s important to know what to expect from the future. Build a solid budget to set up your next targets and use cash flow forecasts to better understand if and how your business can accomplish its growth goals.
Your budget is your financial planning tool which contains the direction you want for your company to take and the proposed objectives. …
Your cash flow is your company’s financial health indicator and you probably already know how important it is to carefully monitor it. If you keep updating your cash flow periodically, it will be easier for you to get a glimpse of your cash on hand together with the next expected inflows and outflows.
Need to make sure that you keep your business afloat for the next month? Then start forecasting and check your future cash position. Sure, you can do it in Excel or spreadsheets, but this will cost you a lot of time and energy. …
You want to have a complete overview of your business financials and to know what are your next expected inflows and outflows. Congrats, this is your first step towards a better sleep — 69% of small business owners are kept up at night with concerns about their cash flow.
If you chose Excel to help you with cash flow management, watch out for the next potential pitfalls of using it.
What are the main mistakes you can make when managing your cash flow in Excel?
As an entrepreneur, you’re committed to making your business grow and this means you have to keep an eye on a lot of information that keeps you on top of everything you need to know.
Making business decisions isn’t always easy, it takes more than a gut feeling; actually, it takes the right interpretation of data and what you’re doing with it.
For owners of small businesses, an understanding of various financial indicators and ratios is crucial, especially when business growth is the main objective.
There are many types of financial KPIs that should be taken into consideration by an entrepreneur, each and every one having its particular relevance in the success of the business. And talking about success, one of the key aspects business owners have to focus on is making a profit so they keep growing their business. …
If you’re an entrepreneur, financial information should be always at hand and you should consider it one of your best friends when it comes to managing your business.
Financial information is usually scattered in many directions and the ability to understand the data from your company’s financial documents is crucial. Unfortunately, documents like the balance sheet or the income statement don’t offer you a complete overview of your business which is why you should take into consideration using financial indicators and ratios.
Financial indicators are used for measuring the performance and position of a company compared with other businesses in…
During the accelerator program run by MKB Fintechlab early on this year, we (the ThinkOut team) came across growth hacking — a relatively new concept for us. It sounded like magic: getting thousands of customers in no time with little money! Of course, no one really thought it was a hocus-pocus formula. As we learned more about the subject, we realised it had a lot to do with psychology, marketing principles and creativity. Before deciding upon what would work for us, we thought to share with other startup fellows what we learned about the phenomenon. …
At the beginning of 2018, we had the chance to take part in the accelerator program run by MKB Fintechlab in Budapest. Until that point, we only had a slight idea about what an acceleration experience means from the many articles we read and just by talking to people. We didn’t, however, really have a clue what it was going to be like. So for all of you wondering what it actually means to be “accelerated”, here’s how it went for ThinkOut:
“How do I reduce expenses?” is the question that usually follows after “how do I increase the profit?” because they are closely linked. Increase in taxes and prices lead to a smaller profit if you cannot support a similar increase in your prices. What is left as a solution for keeping a positive balance? Reduce those expenses that stand in your power to cut down.
What costs does my company have?
Before deciding what to cut, first, you need to analyze how your expenses are structured. The fastest way is to look into your transactions history. On the ThinkOut there…
This February, ThinkOut hopped onto the acceleration program run by MKB Fintechlab. We moved to Budapest along with 7 other startups from Romania, Hungary, Poland, Slovenia and Slovakia to go through 12 weeks of mentoring, planning and achieving KPIs, exchanging ideas and experiences.
How does the startup life look like from this fast moving vehicle that is an acceleration program, hundreds of miles away from home? It looks exhilarating, colorful, filled with open roads pointing to such a vast horizon, that eyes alone cannot measure it.
Financial analysis platform for small businesses