In this week’s entrepreneurship advice, BookBit would like to share a foolproof plan to assess the roadmap of your respective business, which was carefully developed by our financial expert partner, Mr Filbert Tsai.
Tsai elaborates how critical a financial plan is in any type of business as this will determine if the business is bound to fail or to become profitable. It may sound a bit threatening but any serious entrepreneur will appreciate risk management tools in the process of stabilizing and strengthening their market positioning.
Key takeaways from this article will be the building blocks of a foolproof financial plan: (1) assumptions, (2) calculations and, (3) reports. The whole exercise will aid you in gauging the potential of your business, regardless if you're a quick starter or a late bloomer in your core business development.
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