BUS4074 addresses the distinctive financial challenges facing small businesses and entrepreneurs — who operate in a financial environment significantly different from that of large corporations. Building on BUS4070 (Foundations in Finance), students examine small business financial concepts including startup funding, cash flow management, and growth financing, explore how personal financial decisions interact with business finances, and learn to develop the financial components of a comprehensive small business plan.
Small business finance from startup to growth
Core topics
- Small business financial concepts: How financial management in small businesses differs from corporate finance — the dominance of cash flow over earnings, the importance of working capital management, the limited access to capital markets, and the owner's personal financial integration with business finances
- Startup financing: Sources and structures of early-stage funding — bootstrapping, friends and family capital, angel investors, SBA loans, microloans, crowdfunding, and venture capital — and how to evaluate which source fits a particular business model and growth trajectory
- Personal financial concepts in business: The interconnection between owner personal finances and business finances — personal guarantees on business loans, the impact of business performance on personal net worth, owner compensation strategies, and retirement planning for the self-employed
- Cash flow management: The central financial challenge for small businesses — forecasting cash flows, managing accounts receivable and payable, inventory financing, line-of-credit management, and surviving the cash flow gaps common in early-stage businesses
- Small business plan: financial components: Developing the financial projections that are the core of any business plan — startup costs, pro forma income statements, cash flow forecasts, balance sheet projections, and break-even analysis that together tell investors and lenders whether the business is viable
BUS4074 assignments include small business financial plans, cash flow projections, and funding strategy analyses
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Business financial plans, cash flow projections, funding strategies.
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Frequently asked questions
Research consistently shows that cash flow problems rather than unprofitability are the primary cause of small business failure. A business can be profitable on an accrual accounting basis — recognizing revenue when earned — while simultaneously running out of cash because customers pay slowly, suppliers require early payment, and the owner draws a salary during growth periods. BUS4074 addresses this directly: understanding the difference between profit and cash flow, forecasting cash requirements, and securing appropriate financing before cash gaps occur are foundational entrepreneurial finance skills. The course also addresses the personal finance dimension — many entrepreneurs fail to separate personal and business cash flows in ways that ultimately harm both.