financial planning Archives | Numbers Knowhow

Product Grouping & Its Financial Power

Mahmood Reza — Mon, 08 Jan 2024 08:54:46 +0000

Have you ever thought about product grouping? Or has it been something you’ve put on the shelf and it’s been collecting dust? How does it get you a greater financial understanding of your business? How product grouping can help Above all by looking at your business in terms of product groups, you can gain powerful insights into: where your money is coming from, and where it’s going. This information will help you forecast for the future and make your business more profitable. So with this knowledge in hand, you’ll be able to take control of your business and propel it forward. In other words you’ll have a much stronger framework for making decisions that will benefit your bottom line. Watch this video to learn more about the financial power of product grouping! Key takeaways This short vlog will enhance your knowledge, specifically about: How to group your products How to use product groups to analyse your numbers With this in hand, whether you’re a start-up or established, you’ll be able to move forward in your business. You’ll get that essential information which will be the basis for your future decision-making. Because you’ll know which groups make money, and which […]

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Pricing For Profit: 5 Key Numbers

Mahmood Reza — Mon, 23 Oct 2023 10:47:16 +0000

Wondering how to price your products or services so you can make a profit? It’s not as simple as it seems because it involves several things to consider. That’s why figuring out the right price is one of the biggest challenges business owners face. There are two main financial outcomes of pricing and it’s so important to understand them. And to know how to calculate them. Once you know what those two outcomes are, the next step is to consider five key factors that will help you set a price for your product or service that meets your business objectives. And finally, I’ll show you a FREE online pricing calculator that makes it easy to do all this math for yourself. Watch this video now and learn how to price your products or services for success! How to price your products or services so you can make a profit You need to make sure you’re covering your costs and making a profit. In this video, I’ll explain the two main financial outcomes you need to meet: Time availability, and Quantity of time. These two are essential to take into consideration because nobody can devote all of their time to […]

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The Difference Between Budget & Budgeting – A Beginner’s Guide

Mahmood Reza — Fri, 19 May 2023 09:16:58 +0000

We’re all on a budget, and I bet we’ve all done budgeting in one way or another. But, before we go into comparing the two, we need to clarify what a budget is. What is a budget? It’s really a plan for spending the money you have or the money you expect to have over a certain period. When it comes to businesses, it’s usually an annual one. When we say that something is in our budget, we actually mean that we have the necessary funds and we can spend them on whatever it is we’ve planned for our business. On the other hand, if it is over it, it means that we’ve not planned for such an expense, and we can’t afford to make a certain purchase. Types of spending plans They can be personal or corporate. This means that both households and companies use them. Hence, the very first sentence of this blog. Personal When you know how much money you have and what portion of it you spend on all your monthly expenses, it will be much easier to stay on top of your finances. These calculations are usually done on a monthly basis. Following a […]

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Cashflow Forecast Guide

Mahmood Reza — Tue, 11 Apr 2023 10:46:34 +0000

Building your cashflow forecast might seem unnecessary to some – at a first glance, that is. That’s why, this cashflow forecast guide aims to explain why you need one and how to build it. Because, you might be thinking, “I don’t need one of those. I’m not going out of business!” But if you’re like most people, your business is constantly changing and growing. And when it does change or grow, that’s the perfect time for a new forecast! It doesn’t matter what kind of business you have – retail store, restaurant, consulting firm – forecasts are important because they help keep your finances in order and on track. Why you need a cashflow forecast This cashflow forecast guide undoubtedly needs to start with the reasons why a cashflow forecast is your greatest ally. Firstly, it will help you make sure that everything is running smoothly with your money. If something happens unexpectedly (like an unexpected expense), then at least you’ll know about it ahead of time so that you can plan accordingly. Forecasts also give businesses a chance to see where their money is coming from and where it’s going; this helps them figure out ways to make […]

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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 Be Financially Accountable

Mahmood Reza — Tue, 11 Apr 2023 09:03:35 +0000

Financial accountability is defined as being responsible for the way you use and manage your money. So, are you financially accountable? Or, maybe you’re finding it difficult? You’re not sure where to start, or you feel like you’re constantly falling behind. Don’t worry, you’re not alone! Being financially accountable There’s a reason why most businesses have accounting departments. Because being financially accountable is essential for success. But for small business owners and entrepreneurs, it can be challenging to stay on top of everything. In this week’s I Hate Numbers video, I look at reviewing your Financial Story Plan. You’ve heard the saying, “If you don’t know where you’re going, any road will get you there.” The same is true for your business finances. Not knowing your goals will result in you taking roads you never meant to take. Without a clear plan and goal in mind, it’s easy to lose track of your spending and make poor financial decisions. That’s why it’s important to review your Financial Story Plan regularly. Improving your financial accountability is a process that takes time and effort. Here are some tips that will get you started on the right foot. To summarise In this […]

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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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Procrastinating And Financial Planning

Mahmood Reza — Sun, 04 Sep 2022 18:04:38 +0000

Do you ever feel like you’re stuck in a Groundhog Day-style loop of procrastination when it comes to your finances? You know you need to do some planning and organising, but for some reason you just can’t get started. The more you put it off, the more anxious and stressed out you feel. Well, don’t worry – you’re not alone. In this blog I’ll explore some tips to help get you past that initial hurdle and onto better financial footing. Financial Planning For many people, financial planning is something that they only think about when they have to – and as a result, it often gets put off until the last minute. Unfortunately, this can lead to a lot of stress and anxiety, as well as money wasted and lost opportunities There is no one-size-fits-all answer to procrastination when it comes to financial planning, but there are definitely some tips and tricks that can help make the process a little less daunting. By following these simple steps, you’ll be on your way to creating a budget that works for you and your business. Breaking the cycle So, how can you break the cycle of procrastination and start planning your […]

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How To Do Financial Planning For Your Business

Mahmood Reza — Sun, 10 Jul 2022 21:38:18 +0000

Why on earth should you be bothered about Financial Story Planning ? Launching a small business can be a very exhilarating experience, although it can also be quite overwhelming at the same time. So, with all your goals clearly drawn out, it’s also important to dedicate just as much time toward understanding good financial planning for small business. Financial Planning – What is it exactly? A well thought-out financial plan is probably the single most important thing your small business needs. It’s a guideline, a road map if you will, and a reminder of what your key business objectives are, and what you want to achieve as a result in both the short and long term. Small business financial planning also involves understanding what your likely costs may be, and it attempts to address the key ways in which you will manage those costs. In fact, good financial planning for small business owners is so crucial that all your various creditors, investors, shareholders and stakeholders won’t even bother turning up in a meeting if you don’t have a detailed financial plan at hand. The importance of writing your Financial Story Plan At the very least, financial planning for small […]

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Budgeting & Forecasting Software For Small Businesses

Mahmood Reza — Thu, 07 Jul 2022 21:32:50 +0000

A good budget planner for small business is a must for businesses that want to stay ahead of the competitive curve by keeping on top of their finances . Whether it’s financial management or expense tracking, for example, the right budgeting and forecasting software can help you dial in your finances – more efficiently and cost-effectively than any other method. What is Budgeting and Forecasting Software for Small Businesses? Budgeting tools for small business, financial planning software for small business, online budget planner, etc. Whatever you call them, they all help you consolidate all your long-term activities around financial planning. Moreover you can track and review your financial progress in real-time. The ‘budgeting’ and ‘forecasting’ elements in budgeting and forecasting software works collaboratively to automate your company’s financial planning. For example, on the budget side of things, the software can help you create and manage highly detailed yet easy-to-understand Financial Story Plans. On the forecasting side of things, it provides an approximation of your company’s revenue vs. expenses based on historical data and future market condition estimates. The right forecasting and budgeting tools for small business allow you to spend less time on cumbersome and often tedious tasks around […]

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