Do your monthly accounts leave you confused & frustrated, and no nearer to knowing how your business is performing?. FAB can help you understand what are the profitable activities in your organisation, uncover the hidden trends in your accounts and formulate a successful business strategy. A business plan will help you to focus and evaluate your ideas within a financial framework.
Can you achieve the level of profit you require? Is the business scaleable without you in it? A good business plan will also form the basis for any external finance you might require, whether from a bank or other investors. Regular and timely management accounts will report back the performance of your company. It is important to measure actual performance with planned performance and use the results to monitor any underlying trends and take action.
Variance analysis identifies the difference between what was forecast to happen and what actually did happen. Any material deviation can be investigated further to see what went wrong, or what went right, so that corrective action can be taken.
Can you achieve the level of profit you require? Is the business scaleable without you in it? A good business plan will also form the basis for any external finance you might require, whether from a bank or other investors. Regular and timely management accounts will report back the performance of your company. It is important to measure actual performance with planned performance and use the results to monitor any underlying trends and take action.
Variance analysis identifies the difference between what was forecast to happen and what actually did happen. Any material deviation can be investigated further to see what went wrong, or what went right, so that corrective action can be taken.
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To attract the finance you need to make it work - whether it is from family and friends, bank lending or external investors.
Use the 'elevator pitch' - be able to communicate in the first few lines what your company does and how it does it.
Explain how much money you need and how it will be used.
Once you have a workable plan, with finance in place, it will act as a road map for you and your team setting out where you are going and how you plan to get there.
If you ask the question 'what is marketing?' you will get a number of different answers.
Use the 'elevator pitch' - be able to communicate in the first few lines what your company does and how it does it.
Explain how much money you need and how it will be used.
Once you have a workable plan, with finance in place, it will act as a road map for you and your team setting out where you are going and how you plan to get there.
If you ask the question 'what is marketing?' you will get a number of different answers.
Most businesses now operate in a dynamic environment, hence the reason why out-of-date financial reporting has little use in any progressive organisation.
The interpretation of the story behind your accounting figures is as important as the figures themselves.
Recognising the patterns and trends which are emerging will help you understand their impact on future performance.
Management accounting is nothing new.
Over the past couple of centuries the entrepreneur or owner/manager has found it more necessary to keep accounts to inform himself on all matters concerning the internal operations of the business - assets balance, liquidity, profitability etc., than for the benefit of outside parties.
The interpretation of the story behind your accounting figures is as important as the figures themselves.
Recognising the patterns and trends which are emerging will help you understand their impact on future performance.
Management accounting is nothing new.
Over the past couple of centuries the entrepreneur or owner/manager has found it more necessary to keep accounts to inform himself on all matters concerning the internal operations of the business - assets balance, liquidity, profitability etc., than for the benefit of outside parties.
A budget or forecast is a planning tool which will include some speculation and guesswork as well as some time-tested knowledge of seasonal patterns and behaviours.
It's important to understand why differences occur so we can see what impact that can have on the company's finances as a result.
Are these results a one-off occurrence or are our suppliers proving unreliable in the longer term and can we sustain levels at the forecast margins?
Remember, the cause and significance of the variance can be more important that whether the variance is positive or negative and that information needs to be used as a future planning tool.
It's important to understand why differences occur so we can see what impact that can have on the company's finances as a result.
Are these results a one-off occurrence or are our suppliers proving unreliable in the longer term and can we sustain levels at the forecast margins?
Remember, the cause and significance of the variance can be more important that whether the variance is positive or negative and that information needs to be used as a future planning tool.
A cash-flow forecast is an essential planning tool for any business.
In conjunction with a business plan and management accounts, you will be able to identify future income and expenditure for months ahead, so that you have early warning of any cash gaps and can plan accordingly.
A cash forecast is a detailed estimate of the cash inflows and outflows of the business and should incorporate both revenue and capital items, including occasional payments to HMRC for tax and VAT as well as regular monthly expenses such as wages and creditors.
In conjunction with a business plan and management accounts, you will be able to identify future income and expenditure for months ahead, so that you have early warning of any cash gaps and can plan accordingly.
A cash forecast is a detailed estimate of the cash inflows and outflows of the business and should incorporate both revenue and capital items, including occasional payments to HMRC for tax and VAT as well as regular monthly expenses such as wages and creditors.
When I set up The Brainminer I could not have had better coaching or business guidance than I got from Aileen.
At a scary but exciting point in the evolution of a new business she made everything understandable and simple.
She reassured and supported.
Her thorough but broad advice ranged from tax and VAT consultation to wider business support like cash flow and client billing.
Aileen has a naturally supportive and coaching style but is rigorous in making sure you do the right thing.
In the first year of The Brainminer I could not have asked for a better partner in helping me turn it into the successful entity it now is.
At a scary but exciting point in the evolution of a new business she made everything understandable and simple.
She reassured and supported.
Her thorough but broad advice ranged from tax and VAT consultation to wider business support like cash flow and client billing.
Aileen has a naturally supportive and coaching style but is rigorous in making sure you do the right thing.
In the first year of The Brainminer I could not have asked for a better partner in helping me turn it into the successful entity it now is.
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