Financial Planning For Small Business Archives | Numbers Knowhow

Your Business Cash Story Is A Big Deal

Mahmood Reza — Fri, 19 May 2023 09:10:23 +0000

Your business cash story is a big deal. It contributes to business continuity, survival, and growth. Profits are what it all comes down to ultimately, but cash plays its own part in this narrative. Cash is what we see appearing and disappearing from our bank accounts. Sales are vanity, profits are sanity, cash is reality. This blog shows you how to navigate those financial waters, in times of choppiness as well as prosperity. In other words, whatever size and shape your business is, whether it’s in the private or not-for-profit sector, it’s all about the cash. So, if you can handle your cash flow, you have got the key to success. Firstly, we will look at the benefits of managing your cash flow and paying attention to cash flow forecasting. And secondly, I will share the ABC framework which will help you build and use your cash story. So, CASH is the name of this pivotal game. As business people, we have to learn the rules of the game to be able to play it well. Benefits of a business cash story Your business story is merely your business plan. It’s unique to your circumstances, your path, your journey. […]

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Why Planning Is Good For Business

Mahmood Reza — Mon, 17 Apr 2023 08:05:10 +0000

Planning is an essential process for any business, regardless of its size or industry. It involves setting objectives, developing strategies, and laying out the actions needed to achieve them. Remember if you want your business to be successful, you need to get to grips with it. Don’t think “Oh no!” and glaze your eyes over. You really do need to plan, so read on. Why plan for business? Planning relieves anxiety. In other words, it relieves all that not knowing what’s gonna happen the next day. You’ve got anticipation about the way your business is going to move forward and you do need to move forward. Because if you don’t plan, your business will be going backwards. Stress relief, making money, having the business that you deserve and want… These are the reasons why you should be thinking about planning. It’s not boring, it’s essential. Above all, it shows how you can turn your business into a reality. Write your business plan or it may be hard for you to survive and prosper. So, if you want your business to make money then start putting one together. Planning enables clear direction It provides a clear direction and it helps […]

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How To Write A Financial Plan

Mahmood Reza — Tue, 11 Apr 2023 09:47:44 +0000

Are you a business owner who is looking to write a financial plan for your company? If so, you’re in luck! In this blog, I will be teaching you how to write a business financial plan that is both accurate and achievable. So, whether you’re just starting out or are looking to improve your current plan, keep reading for tips and advice. Your financial plan is an important document, as it is for any business, no matter its size. A good financial plan can help you make sound decisions about your company’s future and keep your business on track financially. But writing a financial plan can be daunting – especially if you’re not familiar with the terminology. So where do you start? This blog (and vlog) will walk you through the basics of writing a business financial plan. Why you should write a financial plan If you’re thinking about whether you can afford something for your company at the moment – things like: Investing in a course or business coaching you’ve just come across, Hiring more staff, Outsourcing a certain portion of your work, Starting a marketing campaign, etc. Then, you need to be familiar with your numbers at […]

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How To Use Your Financial Plan Effectively

Mahmood Reza — Tue, 11 Apr 2023 09:40:37 +0000

Creating and following a financial plan (your financial story) is an important step to taking control of your finances. If you’re like most business owners, you know that it’s important to have a financial plan in place. But do you know how to effectively use your financial plan? Keep reading for steps on how to put your financial plan into action! In this blog (and vlog), I’ll share four tips on how to effectively use your financial story. It doesn’t matter if you’re just starting out or have been working on your financial plan for a while. It’s always good to learn something useful or brush up on something you’ve perhaps not paid much attention to up till now. How to use your financial story effectively Here are my four golden rules to follow when it comes to using your financial plan. You’ll see that it all really has to do with being familiar with your numbers and continually going back to them to check if you’re doing a good job realising your business targets. So, let’s see what the four tips are. It’s about setting targets and sticking to them Use and access your data Decide how often […]

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How To Make Financial Projections

Mahmood Reza — Tue, 11 Apr 2023 08:41:08 +0000

Do you want to find out how to make financial projections and how to do it realistically? Here’s an easy-to-understand guide about making financial projections. A financial projection – meaning A financial projection is a forecast of the revenue and expenses that you expect for your business for a given period of time in the future. It usually contains predictions of several outcomes within. So, you can make a projection for your business in the case of sales or certain costs increasing/decreasing. In a sense, it gives you a plan B, and C… It doesn’t necessarily mean that it will pan out. Despite lacking accuracy, as it is a projection, it’s still a necessary part of business planning and development that you need to do each year. The reason being that it helps tremendously to set your business on the right path. And what it also does is it prepares you for the future. So, how do you actually make financial projections for your business? Let’s have a look. Part 1: Forecast sales What’s probably the most exciting part of it is projecting your sales. This is usually the first step in the process, too. Forecasting sales for existing […]

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Financial Planning For Small Business

Mahmood Reza — Wed, 06 Jul 2022 20:17:16 +0000

Speak to any business owner and they will tell you that long-term success is their goal. In order to get there, it takes preparation and planning which is where financial planning for small business is vital. It enables you to deal with investors, plan for growth and manage cash flow at the same time. What is a Financial Plan? A financial plan will enable you to determine whether an idea is feasible. It will then ensure you remain on track when it comes to financial health as your business grows. It will form an integral part of your business plan and consists of three financial statements. This includes a cash flow statement, income statement and balance sheet. So, if you are wondering how to create a financial plan then there are four steps that you should follow. Develop a Strategic Plan This is crucial as a strategic plan will give you an idea about what you want to achieve with your business. Before you start considering your figures, you should have a think about what is required to meet your goals. Will you need more staff? Will you need more equipment? Is your cash flow going to be affected […]

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