It is not just new businesses which should prepare business plans and forecasts – all businesses should have a business plan and regularly monitor performance against it. Forecasts should also be regularly updated and include both short term and long term predictions of the amount of cash flowing into and out of a business. Potential problem areas can then be managed in advance rather than being left to accumulate which can cause more serious issues later.
The main reason cited by business owners for not keeping plans and forecasts up to date is the time it takes to do so. The TAX Partnership can assist by setting up a planning and forecasting system and managing this essential function on your behalf. Our business plans will help your business define, share and implement your strategies and they will assist in the allocation of resources and in monitoring their use. We can prepare accurate short and long term forecasts which will let you know how and where your money is coming from and going to and act as an early warning system if things should start to go wrong.