Financial Guide for SMEs - SME Corporation Malaysia

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Financial Guide for SMEsChapter 11 : Refinancing Your Debt .......................................143How Refi nancing Works? ..........................................144Benefi ts of Refi nancing ............................................145Common Dangers in Refi nancing ..................................146Switching Banks ................................................................148Chapter 12 : Managing Your Banking Relationships .................153Annual Review ..................................................................153Continuing Relationships ...................................................154Managing Diffi culties .........................................................155Section V : Better Business Financial Management .......157Chapter 13 : Financial Controls .......................................................159Benefi ts of Financial Controls ...........................................160Financial Controls Checklist ..........................................161Appendix .................................................................................168Acknowledgement.................................................................1814chapter 1 01-21 Eng.indd 48/15/11 5:01:22 PM
Financial Guide for SMEsIntroductionSmall and medium enterprises (SMEs) are often driven by the passion toachieve the owners’ desired outcomes. They may want to see a business growfrom the start, be keen to enter into an industry that provides great challenge,or be motivated by personal reasons such as wanting to turn a hobby into abusiness or develop a long-term retirement plan. Whatever their reasons, manySME owners do not have formal fi nancial management training (that is they arenot an accountant or bookkeeper) and usually have limited resources to pay forsuch services.For the success of any business, good fi nancial management is necessary.Good fi nancial management will go a long way to ensure that all the availablebusiness resources are used effi ciently and effectively to provide optimumreturn.This Guide has been designed to help SMEs to develop the fi nancialmanagement skills that are essential for business success. Presented in easyto-understandlanguage, this Guide discusses the key fi nancial aspects thatSMEs should focus on to ensure that good fi nancial management is in place.The areas discussed in the Guide address the fi nancial aspects that a businessshould consider and understand as part of good fi nancial management. Ifthese practices are implemented early, the business would benefi t from strongfi nancial management and the owner would be equipped with the fi nancial toolsto operate and grow a successful business.It should be noted that some of the areas may not be relevant for allbusinesses. For instance, if you are providing a service, discussion on inventorymanagement will not be relevant. Also, you have to keep in mind the typeof industry that you are in when considering good fi nancial management. Forexample, if you run a café, you would probably be reviewing inventory levelsevery week; however, a small retail toy shop may only do an inventory countonce a year.This Guide has fi ve sections, each with a number of chapters to furtherelaborate on the key topics. There are hints and tips along the way to help youfocus on the important messages and these are summarised in the Appendixfor easy reference.5chapter 1 01-21 Eng.indd 58/15/11 5:01:22 PM
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Financial Guide for SMEsTIPS FOR IM
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Financial Guide for SMEsTIPS FOR IM
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Financial Guide for SMEsCash Conver
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Financial Guide for SMEsManaging Ca
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Financial Guide for SMEsIn month 1,
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Financial Guide for SMEsCash Flow F
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Financial Guide for SMEsAdam will h
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Section III : Financing Your Busine
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Financial Guide for SMEsDebt, Equit
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Financial Guide for SMEsDefinitions
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Financial Guide for SMEsTypes of Se
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Repayment of Debt Finance/ Investme
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Financial Guide for SMEsAdvantagesD
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Financial Guide for SMEsDeciding Be
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Financial Guide for SMEsUnderstandi
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Financial Guide for SMEsProducts fo
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Financial Guide for SMEsPurpose Pro
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Financial Guide for SMEsTransaction
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Financial Guide for SMEs• Do you
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Financial Guide for SMEs107chapter
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Financial Guide for SMEsTrade Finan
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Financial Guide for SMEsThe option
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Financial Guide for SMEsInternation
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Financial Guide for SMEsProduct Usa
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Section IV : Managing LendersBanker
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Financial Guide for SMEsApplying Fo
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Financial Guide for SMEsSME FINANCI
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Financial Guide for SMEs2.3.4.5.Sec
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Financial Guide for SMEs3.4.Section
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Financial Guide for SMEsType of Doc
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Financial Guide for SMEs3.4.5.6.7.8
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Financial Guide for SMEsLoan Applic
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Financial Guide for SMEsExample of
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Financial Guide for SMEssheet will
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Financial Guide for SMEsTo gain an
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Financial Guide for SMEs141chapter
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Financial Guide for SMEsRefinancing
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Financial Guide for SMEsBenefits of
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Financial Guide for SMEsChange in v
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Financial Guide for SMEsBanking Rev
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Financial Guide for SMEsYou should
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Financial Guide for SMEsManaging Yo
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Financial Guide for SMEsManaging Di
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Section V : Better Business Financi
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Financial Guide for SMEsFinancial C
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Financial Guide for SMEsProcedureAc
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Financial Guide for SMEsSalesIs the
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Financial Guide for SMEsBank Reconc
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Financial Guide for SMEsEmployeesAr
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ChapterSix-Cash and ProfitCashYouro
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Financial Guide for SMEsACKNOWLEDGE
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Financial Guide for SMEs - SME Corporation Malaysia

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