NatWest Business Builder: Introduction to Understanding your Finances

In this module we’re going to take a closer look at the viability of your business model and give you some crucial tools to help you understand and manage your finances.

In this module you’ll explore

• How viability underpins the business model
• The importance of knowing your numbers and wh‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE’ at they can tell you about your business
• Key financial terms you need to know
• Three key financial statements

Start by downloading and saving the workbook to your computer, to use throughout the module, capturing any key takeaways and completing the exercises at the end of each chapter.

Why is understanding your finances important?

Let’s start with the basics… Why is understanding your finances important? In the first chapter, we’ll look at the importance of understanding the viability of your business model and what knowing your numbers can tell you about your business.

Jargon busting

In the next chapter we’re going to explore some key financial terms and do some jargon busting. Many of you will be already be familiar with some or all of these terms but, for those who aren’t, knowing these terms and what they mean is half the battle when it comes to knowing your numbers!

These are also in your workbooks so take notes where you need to.

Financial statements

Understanding your finances doesn’t have to be daunting. In this chapter we’ll introduce you to three key financial statements that will help you to understand and manage your finances within your business.

Further Reading

• Getting your business off the ground
• Ask the expert: budgeting and forecasting
• The basics of cash-flow forecasting
• 10 Jargon Busters: finance

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‘Want to learn more? Register for NatWest Business Builder to view all of their business development tools. Click HERE’