March 26, 2023
Written by UJJI Team
We're all well aware that we live in a time of uncertainty, especially regarding the financial landscape. Staying one step ahead and preparing for whatever comes your way is especially important as a start-up. This means taking control of financial planning, understanding cash flow, and keeping up with market trends. It can seem daunting, but fear not! Let's break down why this is so important for start-ups and what you can learn to help you maximize results in this role.
Financial planning is integral to any business's success, especially in start-ups. Without proper planning, a start-up can quickly run out of funds and fail before reaching its potential.
Taking control of the start-up's financial planning means knowing all sources available to obtain capital, like venture capital, grants, or loans. It also means understanding cash flow and how the money will move throughout the business. Finally, it involves staying up to date on market trends so that the company can make informed decisions about pricing strategies and investments.
All of this requires a sharp and refined appreciation for data and the insights one can extract from analysing the numbers that tell the story. For further support, listen to the UJJI audio pill on Data Visualisation; this will help you understand the story-telling power of numbers and graphs and help you connect the dots a little further to uncover a broader context beyond the analysis.
One fear that may emerge for someone in this role is needing more knowledge or experience to adequately prepare for unexpected events or challenges in managing a start-up's finances. Another concern is that they may be unable to keep up with changing market trends or find appropriate capital funding sources if needed. Finally, there is the fear that plans may fail due to external influences or factors beyond their control.
To overcome the fears around the ever-changing financial factors affecting your sales and the general unpredictability of the market, listen to the Neuroscience of Agile Thinking. This will keep you on the pulse mentally, adaptable to change, and weary of the multiple influences which may contribute to financial outcomes.
Ultimately, there is more than just hard skills and training when it comes to succeeding as a financial planner; soft skills also matter. Here at UJJI, we value the often overlooked soft skills, and we know that as someone who wants to develop your skills within financial planning, you will appreciate this too.
Want to learn more about how to unlock your team’s full potential in spite of your fast paced environment?
UJJI’s easy and fun e-learning experience helps teams develop skills around problem solving, productivity, communications leadership and adaptability. Check out this short video or book a demo with our team now!