Business and Finance is responsible for managing the overall accounting, treasury, financial reporting, and financial services of West Virginia State University. This includes managing internal controls to mitigate risks; creating and presenting financial reports to internal and external parties; ensuring the accounting records of the University are up-to-date and accurate; and safeguarding the assets of the University to minimize the risk of financial loss. Our role is to provide ethical, efficient, and effective services to our students, faculty, and staff. Business and Finance supports the University’s core functions of instruction, research and community services through stewardship of financial, human resources, and administrative services. You must adhere to the provincial labour standards in your province of residence. For example, British Columbia employers must follow all provincial labour standards to avoid liability under the Employment Standards Act (ESA). The ESA sets out minimum requirements for payment of annual vacation pay and statutory holidays. Failure to comply may warrant you an administrative penalty of $500 per ESA violation.
As a business you need a clear business plan and strategy regardless of what type of business start up finance you are hoping to attract. You need a comprehensive business plan with a detailed marketing plan and your financial forecast. Your business plan needs to address issues such as how much funding you are going to need and how much control you are hoping to retain over your business. You also need to clearly state what you are using your business start up finance for as well as if your plans are realistic and if your venture is appropriate for outside funding. Whilst you are completing your business plan you also need to consider what potential investors may be concerned about. Without all of this; plus much more no potential investor will go near your business, planning is key if you are hoping to secure external funding.