Toolkit on how to Start and Improve your Business

Follow up the Financial Situation

Refer to the respective chapters in the Information seeking stage
("Financial Analysis") and the Business implementation ("Financing a Business").

Finance is one of the important and scarce resources you need for your business. Be sure that your business money is used properly and effectively. If you have borrowed money from lending institutions be sure that:

• You used the money for the intended business purpose only;

• You paid the principal and interest amounts regularly;

• You might need additional money to borrow in case you decided to expand your business or improve internal capacity.

Loans involve financial expense in a form of interest. But, it is not always necessary to depend on loans. You have to be able to generate your own funds through savings. Check that you have opened a savings account for this purpose. If you did not have one during the previous business cycle, try to have the account in the next run.

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