Sunday, 11 January 2015

2015 FINANCIAL PLAN CHECKLIST FOR FASHION BUSINESS








It's the beginning of the year and I want to believe that we all have one or two financial resolutions for 2015. Though, most people sometimes don't pay attention to that as they believe in "Soldier come, Soldier go" approach to money. Proper management of your finances is key to your brand success and growth. 
I want to see your business grow in 2015. As fashion entrepreneur, you should consider adoptingfinancial plan checklist for your fashion business. See the list below   
  • Have you summarized your cash flows for last year?
  • Have you mapped out the projects you want to implement this year?
  • Have you calculated how much money each project will need?
  • Do you have a savings plan?
  • Do you have a spending plan?
  • Do you know what your financial weaknesses are? (what riles you up and gets you to spend wayyy too much money)
  • How much debt would you like to repay in 2015 (be realistic)?
  • How can you improve your credit?
  • Do you need to expand your team?
  • How much will you be able to pay new team members?
  • Do you need to hire professionals?
  • Are you overpaying for your professional help?
  • Are you looking for investors?
  • Do you have well constructed financial plans for investors to see?
  • Have you evaluated your outsourcing costs?
  • Where do you want your business to be financially in 3 months, 6 months, end of 2015?
  • What is one big thing you would like to treat yourself to this year (maybe a vacation)? 
Keep this list and refer to it whenever you are making financial decisions for your brand. Remember, finance is not fancy.



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