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Building a Finance Plan Geared to Growth
I would like to share with you our book reviewer from Ms. P. Fisher, “Garlic to a vampire“.
I recently read Daniel Nguyen’s Building a Finance Plan Geared to Growth, and have decided to keep this as my small business guidebook to finance management. I am not an expert, hardly even a novice, when it comes to managing my business. As a “creative” type, financial planning is like garlic to a vampire. And yet, financial planning is essential to running a successful business. I believe that part of my resistance comes from lack of understanding the definitions and how to do things such as create financial statements like profit and loss, cash flow, etc. When we don’t understand how something works it becomes twice the job and, in my case, gets put on the bottom of the “To Do” pile. What I really like about this guidebook on how to build a financial plan is that Mr. Nguyen explains what all of these terms mean. He gives us not just a textbook definition, but also shows HOW they work in relation to the overall picture of getting a small business loan, for example. He then shows a sample of what that financial statement should look like. THIS I can understand! He also tells the reader what to ask for –and what NOT to ask for. There is information on establishing credit well in advance of going for a loan, things that I can do now to prepare for my possible or projected business needs in the future. He includes guideposts of ways to evaluate the progress and effectiveness of my current business needs, and then how to assess my possible future needs. Then, for when I am ready to go for a loan, I like the True-False test that he includes in the text. This test allows me, as the business owner, to self-score how prepared I am to go meet with the banker. This book is a wealth of good advice, resources and tools that I can use in understanding and applying good financial practices in my business.
I feel that if I follow the outline of this book that I could meet with a bank lender and not appear to be an idiot. Mr. Nguyen has thought of not only the standard things that I will need to bring and think about beforehand, but also other possibilities that a lender might want to know. For example, he writes that I, as a business owner, should have not one, but two possible repayment plans, to reassure the lender that I am a good risk. This is good, easy-to-understand information- he gets a score of “10” from me on a practical help scale.
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