Financial stability 'biggest challenge for any new business'

News Article - 25 February 2008
Category: Business

Ensuring financial stability is the hardest thing for any business owner, it has been claimed.

Mike Hegarty of BT Business explained that careful planning is crucial in order to control costs and manage expenses.

Entrepreneurs need to be confident that business performance alongside the ability to reach new customers is strong enough to fund the company, he added.

"The challenge of any business starting up is achieving financial security," he said. "When you are striking out on your own, it's great being your own boss, but the challenge is that it is all down to you."

Patrick Astre of Astre Planning in the US recently told the Exchange Morning Post that business owners need to invest in a computerised accounting software package in order to weather the looming economic slowdown.

He explained that the software can help an entrepreneur fully understand the financial ups and downs of their company.

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