Financials

Our team believes effective financial management is vital for our survival and growth. We agree this involves planning, organizing, controlling and monitoring our financial resources in order to achieve our business objectives. We truly believe good financial management will help us make effective use of our resources and not only fulfill our promises to our users but also gain the competitive advantage over competition and help us prepare for long-term financial stability.

We run Lumias based on clearly defined procedures, assuring a very efficient and accurate operation and end result. We are proud to say we:

1. Have a clear business plan

We know where we are and where we want to get to over the next few years. We have a clear view on how we plan to finance our project and its activities, what funds we will need and where they will come from - see Treasury and costs.

2. Monitor our financial position

We regularly monitor the progress of our project. We check on a daily basis how much money we have in the treasury, what our expenses are and what our current runway is. Every month we review our position against the targets we have set in our business plan.

3. Know our day-to-day costs

We know that even the most profitable projects can face difficulties if there aren't enough funds to cover day-to-day costs such as infrastructure and team wages. We are always aware of the minimum our project needs to survive and we make sure we do not go below this.

4. Always try and obtain the right funding

We are constantly looking for great opportunities to finance Lumias - we try to find the best type of financial support for our specific needs, be it for development purposes, infrastructure efficiency or better marketing results.

5. Always tackle problems when they arise

We know how stressful facing financial problems is, but we believe there is always help and advice available to tackle difficulties before they get too hard to handle. We try and take initial steps to minimize the impact of such problems.