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Your Financial Mission Statement

I’ve never seen anyone any success without first mapping out a course of action. First they find a target, such as getting into a successful career in “X”. Once they decide on a career, then they plan on how to get there, such as the college they need to go to, and break it down further, such as how to finance pursuing that career. Once people graduate and settle down, it seems that the idea of formally planning in your life falls apart. Having a financial mission statement can help you continue on a path in your life to achieve bigger goals, and maximize your happiness in life.

Your mission statement, and your financial mission statement.
It’s no surprise to see that your mission statement and your financial mission statement are almost identical with each other. You want to maximize happiness, by achieving goals.

Laying the foundation for your financial mission statement.
In order to lay down your financial mission statement, Questions to ponder when deciding your mission statement.

1. General life questions:

What do I want to accomplish in my life; what are my priorities?

Who, and what are important in my life?

Do I regret the life that I’ve had so far? How should I change it?

2. Specifics:

How does my career fit into my life?

Do I want to have a spouse? Do I want to start a family?

How do my wife and kids fit in?

Do I want to donate to charities?

How do people look at me? Do I care? Should I care?

3. Actionable items to pursue your finance goals

Career: Should I go back to school for more training? Brush up my resume? Ask peers and supervisors on how to get better?

Personal finance: Who is the “chief financial officer” of our family? What does that job entail? Should
we have monthly meetings on how to run the budget? What do we want as far as the “big goals” in our lives? What about our 401k, and our retirement?

Personal life: What do I want to do in my life that would make me happy? Get involved in a hobby? Get involved in a social club? Ride motorcycles with my friends? Go to church?

What your mission statement might look like.
Here are a couple examples of mission statements that one may decide on.

I want to to raise a family with good moral values. I want them to learn that money isn’t everything, that it has it’s good and bad sides. I also want to instill a sense of helping and giving to charity is how we should live our lives.


I want to pursue a well paid career as an insurance agent. I want my family to enjoy life, including going on vacations, and not have to sweat the little things. I want my kids to know that college will be paid for when they are old enough to go.

A mission statement should help you reach personal fulfillment.
I remember a few years back as a single guy, doing nothing but working overtime and fixing up on my house. That was all I did for several years. A co-worker one day asked me if I had a million dollars, and could only spend it on fun things, what would I do. I responded “I would…uh…uh”. I always thought if I had a million dollars, I would pay off my house and put money away in investments. What would I do for fun? I struggled to come up with anything to do for fun. I had trained myself to be a worker bee so completely that I didn’t notice that time was slipping by in my life. It wasn’t all that long before I cut out my overtime, and started a more active dating life, and found my wife.

However you choose to write your mission statement is of course up to you. Just remember to set a time to revisit your mission statement, to keep yourself on track with your life’s goals, and to also change your mission statement as you need.

What Is a Cash Flow Statement and How Can Investors Use It to Their Own Advantage?

The cash flow statement is a statement produced by the public companies on an annual basis in order to identify the inflows and outflows of cash. As opposed to the income statement that identifies the profit for the year, the cash flow statement provides a true picture of the cash in hand of the business. Thus, this statement is useful for understanding the liquidity position of the company. The cash balance presented in the balance sheet is tied with the profit shown in the income statement and therefore the cash statement provides a link between the statement of financial position and statement of comprehensive income.

The cash flow statement identifies various sources of inflow and outflow of cash which are categorized into three major aspects namely operating, financing and investing flows of cash. The operating activities measure the cash that arises as a result of business operations and this starts with the profit after tax as reported in the income statement. Non cash expenses such as depreciation are added back to the PAT whereas accruals of interest and tax expense are adjusted so that the cash outflow is determined.

Changes in the working capital are identified and these are also adjusted accordingly in order to arrive at cash generated from operating activities. The next component of the statement is the investing cash that largely pertain to the capital transactions of the business. Any purchase and sales of property, plant and equipment is recorded in this section in order to identify the net cash from financing activities. Lastly, the financing section highlights the business transactions that are meant to raise finance such as debt issue, equity issue or loan repayment. The financing section highlights the changes in capital structure that came about in a given year. The net result of the cash from operating, investing and financing activities is the cash flow generated during a given year. This is then added with the balance at bank at the year start so that the balance at the year end is computed. This is then verified with the balance shown in the current assets within the balance sheet.

The cash flow statement is of immense importance to the investors as they can identify transactions that are not depicted in the balance sheet and income statement. The company’s cash position determines the liquidity of the firm and the change in cash from year start to the year-end would help the investors in identifying the change in liquidity position. An assessment of the liquidity would enable the investor to identify the ability of the business to pay off its debts with ease.

The cash flow statement can also be used by the investors to identify the free flow of cash within a business. This information is not presented by the income statement that is based on the concept of accruals and prudence. The free flow of cash within a business would help in identifying the true cash that’s generated as a result of the operations after the deduction of any capital expenditure that is required to maintain the operations of the company. Low or negative cash flows would indicate the lack of operating efficiency of the business and therefore investors must analyze the FCF of a given firm over a period of time.

The cash flow statement is also an indicative of the current capital expenditure policy of the firm. The investing section would highlight the expenditure on equipment. A negative or a positive investing cash flow does not indicate the true position of the company. A negative cash flow might arise as a result of high capital expenditure in a given year whereas a positive investing cash flow could come about as a result of sale of equipment. These are one off items and must not be used as a means to assess the liquidity position of a company. An investor can therefore identify the underlying reasons for negative or positive cash flow and therefore ascertain the future stream of cash flows. For example, a large outflow in the present year might result in low or negative cash balance but it is likely to result in more efficient operations which would enhance profitability and thus earning per shares. The investor can therefore use this information to predict the future profitability and operating capacity of the organization.

Furthermore, the finance section depicts the financing activities of the business and allows the investor to ascertain the changes made within the capital structure in a given year. For example, an investor can analyze the increase in debt or equity in a given year and therefore ascertain the changes in financial risk that a firm faces. An investor would also be able to determine the true reason for the cash in hand. For example a low cash balance might indicate low liquidity at a glance. But in reality it might be as a result of debt repayment which is a one off item and therefore the investor would easily be able to conclude that the business at present does not face a shortage of cash due to inefficient operations but simply because of repayment of debt.

An investor is thus able to analyze the various inflows and outflows of cash from the cash flow statement and also ascertain the sources of cash. Investors are able to identify the free cash flows generated from operations and therefore are able to analyze the ability of the business to pay back its debt while also meet its interest payments. The growth prospects and the ability to pay out dividends can also be predicted from FCF. The investor is able to analyze the investment policy of the company for example a firm is likely to pursue an aggressive investment strategy if there are capital outflows over a period of time. Thus, the cash flow statement is of immense importance to the investors who can use it to ascertain the various sources of cash inflow and outflow.

How to Prepare Accounting 201 Financial Statements

In accounting, there are four parts that make up the financial statements. The four parts are as follows: Retained Earnings (RE), Income Statement (IS), Balance Sheet (BS), and Statement of Cash Flows (CF). For purposes of this article, I will explain the three main parts of the financial statements that are needed in accounting 201. The three main parts that are needed are the Income Statement, Statement of Retained Earnings, and the Balance Sheet.

In order to begin your Income Statement, you must first include the header. This usually consists of Name of Company, Income Statement, and Dates for which the Income statement is being conducted for. Example: August 31, 2010 – September 30 2010. Next, must create a column for where your “Revenue” accounts can be listed. Then go over a few columns and put “Debit” and “Credit” (each in their own column). Now, you should list all of your Revenue accounts underneath the “Revenue” column. A few examples of revenue accounts are Sales and Revenue Earned. After you have listed all of your revenue accounts, you must then insert into the debit column the amount of each account. Once that is done, you then add all of your revenue accounts to come out with total amount of revenue which is then placed in the credit column. After this is done, you must then skip a space and create a new column of accounts. These accounts will be your “Expenses”. Just as before, you must now list your expenses underneath this heading. Examples of expenses are: supplies expenses, insurance expenses, and miscellaneous expenses. Once again, you must record the amount of your expenses and place them into the correct account in the debit column. After this is done, you then add all of your expenses to come out with your total amount expenses. This number is recorded into the credit column. And now to finish your Income Statement, you take your Total Revenue subtracted from your Total Expenses. This will give you the amount of your Net Income or Total Income. If you have a positive number then you are gaining money (net profit). If you have a negative number, you are losing money (net loss).

Next, you must create your Statement of Retained Earnings. Just as before, you must include your header, which contains the Name of the Company, Statement of Retained Earnings, and the Dates for which it is being calculated. To begin, you must create a column where your Retained Earnings can be listed. Once again, go over a few columns and write “debit” and “credit” (in their own columns). Now you can begin listing your accounts under Retained Earnings. These accounts will be Retained Earnings-August 31, 2010 and Net Income (the amount from September). You must then record the amount of each account into the debit column. Once that is done, you must then add these amounts together to come out with an answer which is placed into the credit column. After you have reached an answer, you must then skip a space and write Dividends into the Retained Earnings column. You must then record the amount for Dividends into the debit column. After that is finished, you then subtract Dividends from the total amount of Retained Earnings-August and Net Income to come out with your final answer for the Retained Earnings-September 2010.

Lastly, you create the Balance Sheet. Again, you must include the header (same as the previous two). To set up the Balance Sheet, you must set it up with Assets on the left, and Liabilities and Owner’s Equity on the right (it is usually easier to have your Owner’s Equity below your Liabilities). It is also important to have a Debit and Credit column for each of these categories (Liabilities and Owner’s Equity will match up if you did the one beneath the other). Now you begin to plug your accounts to where they belong. Example: Cash goes to assets, Accounts payable goes to liability, and Retained earnings goes to owner’s equity. Once that is finished, you then plug the amount of each account into the debit column. After this, we then begin to add all of the accounts together. The asset column adds all of the assets together and subtracts the amount of depreciation used on those assets to give you the Total amount of Assets. The liabilities are added together to give you the Total amount of Liabilities, and the Owner’s Equity is added together to give you the Total amount of Owner’s Equity. Once that is done, you must then add your Total Liabilities plus your Total Owner’s Equity in order to balance the amount with your Total Assets.

If after you have completed this and your Total Assets = Total Liabilities + Owner’s Equity, then you have done it correctly and you are finished. If, for some reason, your Total Assets do not equal your Total Liabilities + Owner’s Equity, you have done something wrong and must therefore, go back and check to see what it was.

Farm Loans – Why it Takes Longer to Finance a Farm Loan Than to Finance a New Pickup

This great question has been asked many times. There are several answers to this question. In this article I will focus on only one area of why it takes longer to get a farm loan than to finance a new vehicle.

This one reason is TITLE!

When you apply for a farm loan the lender will want a title insurance policy to insure their loan is valid and in first lien position. This process usually starts with the farm loan lender calling a title company and requesting a title commitment. A title commitment will show several things: current ownership, any mortgages or deeds of trust owed against the real estate, any judgments or liens against the current owners and most important any cloud on title.

The title commitment can take anywhere from a day to two weeks to complete. A large number of the commitments on any real estate transactions will have problems! This list of problems can include: judgments/liens against the owner, a neighbor had a typo on his deed or mortgage that was filed on your property, the road you are using to get into the property is not really a public road.

Because of all of these problems you could have to hire an attorney to fix these problems and this takes a couple of weeks. So now because of the time it took to get the title commitment and the time it took to get the title fixed you are looking at 4 weeks.

On an auto title you simply sign the back of the title and take to your local tag agent. Your lender attaches a lien on the vehicle and in less than half a day you have your new pickup and loan.

Now I know the questions you are asking: So why not do the same type of transaction with real estate titles???

First Reason: Remember what I said above about the large number of real estate title problems. Farm loan lenders know this fact and want to make sure at the time of the loan all problems are cleared. How many car titles have problems? Other than a lien against the vehicle there are no problems.

This brings up the second reason. The only document that can be filed against a car title is a lien. The list of what can be filed against the real estate title is a mile long from deeds, mortgages, liens, leases, assignments, affidavits, financing statements, releases, power of attorneys, trusts, decrees and the list goes on and on.

All of these possible filings make the title more complex. This in turn causes more time to be spent by a real estate expert to determine how all of these documents affect title to the real estate. Also, the large number of these filings guarantee there will be more problems with wrong names, dates, notaries, typos and legal descriptions.

But one thing you can feel better about. If you do get a farm loan, a farm loan lender will walk you through this whole process. Or let me put it this way; HE or SHE SHOULD!

Written by Todd P. McCue, Land Loan Specialists

Accountants Cash Flow Statements & Balance Sheets

A balance sheet is a quick depiction of the financial condition of a business organisation at a particular period in time. The actions of a commercial enterprise drop into two separate areas that are reported by an accountant.They are profit-making actions, which takes sales and expenditure. This can likewise be referred to as operative activity. There are likewise actions that demand generating finance from equity and debt sources, net profit distribution to stockholders and owners, asset investment and disposing and varying one-time investment and fiscal projects.

Profit giving actions are described in the income statement; financing and investment activity are observed in the statement of cashflows. Put differently, two different finance statements are processed for the two opposite cases of transactions. The one-year growth or reduction in cash from operating actions for the year is likewise qualified in the cashflow statement, while the income statement accounts the sum of occurrent profit.

The balance sheet is different from the income and cashflow statements that describe, as it states, income of hard cash and outward cash. The balance sheet shows the totals, or amounts, or a businesses assets, indebtednesses and directors equity at an moment in time. The word balance has several meanings at different times. As it’s utilised in the phrase balance sheet, it refers to the balance of the two opposite sides of a company, total assets on one face and total financial obligations on the other. A balance sheet can be reckoned at any established instance, but, in actual fact are by and large done at regular calender points such as every month, quarterly and invariably yearly, up to and including all transactions on the final day of the account period.

It would probably be idealistic if commercial enterprise and life were as painless as developing trade goods, trading them and registering the net profit. But, In actual fact there are often considerations that interrupt the cycle, and it is part of the accountants occupation to report these too. Modifications in the business situation, or price of commodities or whatever number of matters can lead to singular or extraordinary profits and losses in a business. Singular matters that can affect the income statement can take in curtailment or restructuring the company. This used to be a rare thing in the commercial enterprise environment, but is nowadays fairly common. Commonly it is instigated to cancel losses in different areas and to decrease the price of employees remunerations and advantages. Yet, there are costs attached with this also, such as severance remuneration, outsourcing functions, and early retirement costs.

Personal Finance Series: No 23 – Sick to the Stomach With Statutory Demands?

The sizeable debt problems in the UK and USA are well documented and are growing so quickly that quoted statistics become quickly obsolete. In Ireland, the issue is a growing problem too, and in all 3 countries, charities and government sponsored bodies set up to handle debt problems are over run with enquiries.

The credit industry and their relentless lending, collection and recovery methods created a debt management solutions industry where companies represent their clients to creditors in return for a professional fee. These debt management companies can provide debt consolidation counseling, and if chosen carefully, can be very helpful and professional.

Our lifestyles are dominated by borrowing and servicing debt, finance charges and fees.

The Dangers Of The Debt Spiral

The Debt Spiral starts off when a new credit card arrives in the post. Most people believe that because their credit rating ‘passed’ the lender believes that they can afford to have it, why else would it have been issued? So false authority is given immediately to a piece of plastic and the belief “It’s all right” is seeded.

Constant usage seeds a habit, then a behaviour until clearing the monthly balance becomes difficult. The next downward stage is to make part payments, and finally only the minimum payment each month. Interest on Interest quickly compounds and the minimum payment does not make any significant impact on the balance. This gets repeated on average over 3 of 4 different cards, until the average debt payments become a burden.

Then in that situation, a life event happens and the money funding the repayments stops. Yet the interest, demands and bills are relentless – building and growing. Matters at this stage become desperate.

How To Get Out Of A Desperate Situation

There are a number of options, which largely depend on the personal finance statement. The first thing to do is grab a clear hold on the money in and the money out. Consult the personal finance budget software online and make lifestyle adjustments.

As things deteriorate, renegotiate with each creditor for breathing space, or seek professional help from a debt consolidation counseling centre who can walk you through all sorts of tools. Tools like a debt snowball calculator, an affordability calculator, financial goal setting and a range of insolvency options to suit the circumstances.

How To Become Debt Free Forever

Common sense dictates that living within the money available each month is the way to do this, yet so many do not. The first task is to create some ‘wriggle’ room. Pay off the most expensive debts with as much as is available to do so, then transfer to the next and the next until it is done.

Next, turn all these repayments to the capital on the mortgage and it is entirely possible to become debt free in less than 10 years, and owe nothing.

Why Your Parents Were Wrong About Debt

Previous generations didn’t encounter the credit culture we all live in today. Their values are still worth following in that if you couldn’t afford it, you didn’t get it. However, debt can be harnessed and managed if understood properly. This issue isn’t debt, it’s unmanagable debt.

Subscribing to a money management system, like the kind provided by personal finance budget software online is an easy way to keep track on money. With the right tools, debt, charges, and fees do not need to be things we fear.

Personal Finance Series: No 7 – The Seven Secrets of Switching in Shelter Provision

When considering personal finance budgets, most people will only consider making cutbacks when the money begins to run out, and only then will they think about creating a home budget worksheet, or a personal finance worksheet. The more proactive will have done this well before they get that far, some will even investigate personal finance online, and a proportion of those who do will find that their search leads them to some personal finance online software.

This behaviour though, is in itself not a financial planning definition, and there are seven things that people just don’t think about when completing a personal finance spreadsheet.

1. Shelter Provision – Why People Don’t Switch

Switching means to change service provider either because the service being received is no longer satisfactory, or because it can save money. Yet despite these obvious benefits of better service and financial savings, most people don’t switch.They don’t switch bank accounts because they believe there is a disadvantage to moving from ‘people who know me’. They don’t switch utility providers because they think it’s ‘too much hassle’. The REAL reason why people don’t switch though is apathy. Most people just can’t be bothered.

2. Shelter Provision – Overcoming Apathy

There is a psychological effect known as “bystander behaviour” when people in crowds fail to take any action when they witness a crime or accident together- each believing another will be the one to act. People don’t want to overreact or be embarrassed.

Other studies on apathy showed that people experience apathy when things just don’t affect them, they have a visible lack of emotion or drive. The second secret of switching is to understand that overcoming apathy is easy and possible, and that holding back is damaging the personal finance statement!

3. Shelter Provision – Motivation

Often, Apathy and it’s cousin, procrastination, come from a lack of motivation, which simply means that people either don’t have any goals, or don’t have the right goals.

People in this situation have simply forgotten what they want, their activities just don’t fill them with enough enthusiasm- and this can be traced right back to the lack of goals setting with students, or goals setting templates taught to us at an early age.

Financial goal setting is a powerful way to overcome this apathy – and switching is an instant way to achieve quick savings within a personal finance budget.

4. Shelter Provision – Budget Target

Budgeting can be one of those things that people put off, because it doesn’t necessarily bring pleasure. Yet the whole point of a goal is to connect you to something you want. Saving money releases funds to do exactly that. Often, it is possible to save hundreds just from switching – so set a target from all the possible routine and regular outgoings.

5. Shelter Provision – Prioritise the Prize

It makes sense that one you look at your family budget worksheet, you target the biggest spend items first, and shop around to switch. Some won’t be possible until contracted dates, such as mobile phones or special utility deals, but if you start with the largest first, and then work down the list, you will understand the value of the biggest prize for the least effort.

6. Shelter Provision – The Power They Have

Most service providers are big companies who don’t really know you at all. We think their power is the ability to restrict services – that the bank won’t lend us the money we need because we only just joined them.

We pay Utility bills quickly or on time because they have whole departments of people dedicated to chasing us for money when we don’t and in extreme circumstances we have all heard the tragic stories about people dying because they lost electricity, gas, or water supplies.

We think that they have more power than they actually have. We think that because they are so huge and powerful, that they have all the power – that we have no individual significance to them.

7. Shelter Provision – The Power You Have

Actually, you have much more power than you think. The competition among mobile phone providers, power companies, and in fact every supplier to your home is a very good thing for personal finance budgets.

These organisations now have customer retention departments who try their best to keep you. Savvy customers are very valuable and customer retention departments will offer all sorts of ‘deals’ to keep your business because of the lifetime value of your custom, and the high costs to them of replacing you with someone else. You actually hold ALL the power, because you get to choose who gets your custom.

Personal Finance Budget Series: No 20 – What Wealthy People Really Think About Their Money

One of the main characteristics of wealthy people is that they have confidence in their ability to make decisions, in their purpose, and in their personal finance budget. Confidence, self confidence specifically, is a learnable skill, and to become strong in confidence is to understand how to place the mind in the right state. With mind and money aligned, wealthy people are much happier than those who only chase money as an end goal.

Confidence: The Four States of Thought

Autopilot Thinking is when people are over familiar with routine decisions, and can quickly form assumptions about what is expected – like when using credit cards in the store, or driving home along a well known route. This is an external thinking state and can be harmful. Another harmful state is the internal, critical voice, which so often tells people that they are an imposter – that they “can’t do” or “aren’t good enough”

There are two helpful thinking states which balance this – the internal voice is the thinking state where the mind assesses options, while the external helpful state is the engaged state, where the mind is concentrating on solving problems.

The objective in managing money, in assessing the personal finance statement, and especially if financial planning has been ignored and money is a problem, is to move from a harmful state to a helpful state, by working out where all the money goes, balanced against when it all comes in. Reflecting and evaluating alternative choices brings confidence back into the personal finance budget process.

Confidence: Why Negative People are so Destructive

Negative people are destructive because they can suck out the enjoyment of life from all the people around them. These people suffer from afflictive emotions, they become jealous, angry, fearful. They are critical, condescending and demeaning. These people are the opposite of what they seem because they are not at all confident, and project their toxicity as a protection against being touched by the people around them.

In seeking to build confidence as a skill, these people need to be avoided, or managed because they will do everything to precipitate doubt in those around them

Confidence: Strategies to overcome Doubt

The secrets to overcoming doubt, are to become confident in taking action and making decisions with personal finance. By moving away from self consciousness, by deliberately tuning out, focussing on something else, concentrating on financial goal setting, budgeting and forecasting, people can grow confidence because they can see a future to pursue, which takes attention away from self – building confidence.

Another way to overcome doubt is to picture the situation as a movie in the mind. Then make it black and white, then dim the picture before finally moving backwards as if leaving a cinema, so the image gets smaller and distant. Finally, positive thought and positive action both dispel doubts – so doing something active, and surrounding yourself with positive people works too.

Confidence: The difference between a Public victory and a Private victory.

In growing the skill of confidence, it is necessary to experience both private victories and public victories. Private victories are where outcomes are focussed on the personal results of being proactive, thinking about the end game before starting, and then choosing the first steps to take. In matters of personal finance planning, it is important to work with a personal finance spreadsheet, or a family budget worksheet.

Better still to subscribe to a personal finance budget software, preferably online for ease of use. The outcome is to be clear and precise about the budget decisions to be taken. Public victories are where attention turns to the outside world, where it is important to see the win for both sides, to understand first the consequences of spending money, and then to involve the family or those around you in a team effort to curtail wasteful spending.

Personal finance online software allows for this behavioural victory, the growth of confidence in managing money and in forming new personal finance budgets.

Advantages of Cash Flow Statement Helps You Run a Successful Business

In financial accounting, a cash flow statement or statement of cash flows is a financial statement that shows a company’s incoming and outgoing cash during a time period. All three statements are arranged from the same accounting information, but each statement serves its individual function. The statement of cash flow reports the movement of cash into and out of your business in a given year. Cash is the lifeblood of your company. The cash flow statement reports your business’ sources and uses of cash and the beginning and ending values for cash and cash equivalents each year. It also includes the combined total change in cash and cash equivalents from all sources and uses of cash.

Cash flow statements format planning involves forecasting and tabulating all significant cash inflows and analyzing the timing of expected payments in detail. We have highly skilled cash flow financing professionals prepare comprehensive periodic cash flow projections that can assist you in tasks such as budgeting, business planning and fund raising.

Advantages of the cash flow statement

Helps the newly formed companies to know their inflow and outflow of cash and thus prevent cash shortage
Helps the investors judge whether the company is financially sound
Cash flow statement records the inflow and outflow of cash over a period of time
We provides Cash Flow statements on monthly, quarterly, six monthly or yearly bases
Helps the company to know whether it will be able to cover payroll and other immediate expenses
These statements will be highly helpful for planning and management of future financial commitments

This helps them have an accurate analysis of the firm’s ability to meet its current liabilities. Our Accounting Firms possessing years of experience and expertise catering to the diverse requirements of global clients can help prepare periodic cash flow statements format – historical or projective. We deliver integrated Cash Flow financing management solutions that go beyond recommendations and reports.

These statements will be extremely helpful for planning and management of future financial commitments. Availing Cash Flow financing statements Format preparation support from us will act as a very useful money management tool that provides warnings in advance of periods of high expenditure and low sales. This is also a very important component in the application process for additional funding.