BSBESB4|37 Manage finances tor new DUSIHESS ventures - online questions PF PORTFOLIO Identify various financial records required for a small business in the hair/beauty industry ie: beauty salon, hair, nails or makeup and discuss the purpose of each Develop and prepare a financial plan for a financial institution which outlines current financial situation, financial budgets & targets, cashflow projections, profit & loss statements Identify ways to assess financial plan and develop risk management strategies including a contingency plan for low cashflow times, debt collection strategies and ways to minimise these risks Instructions to the Learner: Choose 1 scenario and complete the 3 tasks below: Scenario 1: You are considering opening a salon with a business partner. Scenario 2: You are considering opening your own small salon as a sole trader Task 1 - Research You are to log onto the internet to research then discuss the purpose and interpretation of each of the following (make sure you are using Australian websites to ensure accuracy and compliance) . Financial Statement Templates (many banks offer free spreadsheets) . Balance sheets . Financial budgets, targets 8L benchmarks - Cashflow projections, . Profit & loss statements . Taxation requirements - BAS requirements . Stock control records . Relevant financial specialist services and agencies that you may have to report your financial information for legal requirements