Pre-planning is the essence of good financial management. The financial problems experienced by many retail companies highlight the need for a thorough understanding of the financial implications of retail decisions.
The major objectives of financial management are:
• To obtain funds for business uses
• To maintain and increase the invested capital
• To generate income
When planning to open a shop, you must consider the necessity of having sufficient funds (that is, start-up costs) for the following:
• Pay for professional advice if needed
• Pay for legal fees
• Pay rent in advance ...