Organize and Prioritize to Simplify Lives
How I Used These Strategies to Create an Effective Financial Plan
4 Key Elements to Financial Planning
Mindset - Management - Money
Today I'm spilling the tea about financial planning
Why is a Financial Plan Important For Your Business?
A well-put-together financial plan can help you achieve greater confidence in your business while generating a better understanding of how to allocate resources. It shows your business is committed to spending wisely and its ability to meet financial obligations. A financial plan helps you determine what choices will impact revenue and which occasions call for dipping into reserve funds.
Financial management is the umbrella term for thorough bookkeeping, making accurate projections, creating financial statements and accessing business financing. Managing all of this efficiently lets you make the decisions to run your company successfully. Some of the first steps for good financial management include:
1. starting a budget
2. have accessible cash
3. accessing lines of credit
4. opening a bank account for business expenses.
5. hiring an accountant
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Since we are discussing SELF ASSESSMENT. Take this quick survey to see if you chronically engage in procrastination. 90% of adults 19-55 engage in chronic unhealthy procrastination. Time is one thing in life you can NEVER get back. When you practice procrastination you lose a lot of it. Another detrimental problem with practicing procrastination is the large amount of money that is being wasted yearly.
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4 Key Elements to Financial Planning
Episode #7: How I Used These Strategies to Create an Effective Financial Plan.
LETS GET INTO IT!!
1. Create a strategic plan:
A business strategic plan includes the company's mission and vision statement, as well as its goals and objectives and the action plans to achieve them. The strategic plan is different from a business plan. A strategic plan helps you think about what you want your company to accomplish.
2. Create financial projections
This should be based on anticipated expenses and sales forecasts. Look at your goals and plug in the costs needed to achieve them. Include different scenarios. Create a range that is optimistic, pessimistic and most likely to happen, so you can anticipate the impact each one will have. If you’re working with an accountant, go over the plan together to understand how to explain it when seeking funding from investors and lenders.
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3. Plan for contingencies:
Look at your cash flow statement and assets, and create a plan for when there’s no money coming in or your business has taken an unexpected turn. Consider having cash reserves or a substantial line of credit if you need cash fast. You may also need to plot ways to sell off assets to help break even.
The MONEY you make,
is the symbol of the VALUE you create!
4. Monitor and compare goals:
Look at the actual results in your cash flow statement, income projections and even business ratios as necessary throughout the year to see if you need to modify your plan or if you’re right on target. Regularly checking in helps you spot potential problems before they get worse.
Related Episodes: 6 Steps to Creating Your Master Life Plan
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Self-made millionaires don’t just think 2-3 years out. They plan 10, 15, 20 years into the future and set goals that are not only ambitious but often appear to be impossible to reach. So when you are developing your financial plan look ahead.
Your Sis in this Journey Called Life!
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