Top Tips: Financial Planning

Running a business and managing finances can be a daunting prospect at any stage which can be even more challenging during a pandemic. Here are some tips that can help you with various aspects of financial management including financial planning and formulating business strategies.

Commercial strategies to consider to survive in the current environment

  • Embrace lateral thinking, adapt a risk management strategy including scenario planning
  • Emphasis on cash flow management
  • Focus on cost reduction strategies
  • Reflect on current and anticipated market dynamics including collapse of out of state visitors in the short term and growth in staycations
  • Profit maximisation through pricing and costing

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Developing a business strategy

Developing a good business strategy is essential to sustain and grow your business. Here are some tools to help you develop a winning business strategy.

Steps in developing a business strategy

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