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Retail Operations, Second Edition by Sarah Lim, Angie Tang

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Chapter 17. Financial Control

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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

Financing the Initial Operation

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 ...

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