Your Business Plan
Anna Stubbs • March 1, 2024
An ever-changing business landscape can present unforeseen challenges for any business at any time. Identifying risks and opportunities in your business model and creating a Business Plan will help you prepare for difficulties or adversities and provide clarity in the event of a crisis in the future.
Now is an ideal time to document a clear Business Plan:
- Defining what you, as business owners, want from the business; this includes cash drawings, your role, hours of work and holidays.
- Establishing your budget to ensure you’re generating enough cash to cover all expenses including tax, personal expenses, loans and asset purchases.
- Determining your critical KPIs; the most important things you need to measure to track your progress towards achieving your targets.
- Identifying your opportunities and vulnerabilities; the factors that will most impact your business recovery.
- Determining how to manage your most critical challenges.
- Establishing your 12-month and 90-day goals to ensure you’re clear on your priorities.
- Clarifying your actions to achieve those goals.
If you haven’t created a Business Plan, we can facilitate this. You’ve got the smarts on your business, what’s working and what might need to change. Our expertise lies in stress testing the numbers and pulling everything into one concise plan of attack – so if the unexpected happens, you’re prepared. Contact us today.
Chances are you’ve heard of the accounting term ‘balance sheet’. But what is a balance sheet? And what does it tell you about your finances? Your balance sheet is a financial statement that provides a snapshot of your company’s financial position at a specific point in time. It’s an overview of your finances that details three key elements of your accounting.
A Bank reconciliation involves a comparison of your sales and expense records against the record your bank has. It is a critical financial process to identify and rectify any discrepancies or errors between your internal financial records with the transactions recorded in your bank statement. Bank reconciliations keep your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. They are essential for several reasons: Firstly, they help detect and prevent fraudulent activities or errors, such as unauthorized transactions or bank fees. Secondly, they provide a clear picture of your actual cash position, allowing for better cash flow management and informed financial decision-making. Thirdly, by reconciling regularly, you can also identify any outstanding checks or deposits that haven't cleared, ensuring that you have an up-to-date understanding of your financial health. It can take a lot of time to do it manually, but there is plenty of software to make the process easier. It's important to do it regularly so you recall the correct details. To learn more about how to perform a bank reconciliation and its importance, you can read this guide from Xero. If you need further assistance please talk to us, we can help.
“Our data shows more clouds have gathered over business confidence, and the outlook for SMEs in 2026 is unsettled.” “Firms tell us they are worried about tax, struggling to invest and fear they’ll have to put their prices up in the months ahead.” David Bharier, Head of Research at the British Chambers of Commerce