As a tourism entrepreneur which financial aspect will you consider ensuring effective financial management of your firm?

Effective financial management is vital for business survival and growth. It involves planning, organising, controlling and monitoring your financial resources in order to achieve your business objectives.

Good financial management will help your business to make effective use of resources, fulfil commitments to your stakeholders, gain competitive advantage and prepare for long-term financial stability.

Financial management should become part of the key processes within your business and be included in your ongoing planning.

You might feel that your finances are complicated and confusing but the following ten top tips should help you to gain control of them.

1. Have a clear business plan
A business plan will establish where you are and where you want to get to over the next few years. It should detail how you will finance your business and its activities, what money you will need and where it will come from.

2. Monitor your financial position
You should regularly monitor the progress of your business. On a daily basis, you should know how much money _____ ____ ___ ____ _________ _____ _____.
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