Budgeting and Forecasting
Budgeting and forecasting
Every business needs to plan ahead to ensure success – after all, you wouldn't set off on a long journey without knowing where you are going and the route you expect to take.
However, not everyone who owns a business is a business man/woman, they might simply be good at what they do but need a little helping hand with the strategy and finances of the business.
We quite often hear stories of how businesses have lots of happy customers and produce excellent work but are struggling when it comes to forecasting, budgeting and projecting in order to get a clear picture of progression.
The importance of budgeting and forecasting
Unfortunately one of the most important yet most often forgotten parts of any business looking to grow is the budgeting and forecasting. It's the research and planning that enables you to pinpoint opportunities of savings and equally it gives you the complete picture of where you business at its current rate is heading.
It is especially important for business start-ups and growing businesses, where cash flow and profit margins are often tight and an accurate picture of your finances is crucial. Saving money on the smallest of things might seem trivial however, saving on all of the little things soon adds up and before you know it you've freed up a £1000 for marketing spend.
Financial forecasting helps to ensure you make the spending and strategic decisions that will shape the future progress and financial health of your business for example... You can then use that £1000 on marketing to get more customers/sales, increase your profits, grow your margins (due to the cutbacks you made to save) and in the grand scheme of things grow a successful business that you can be proud of.
All of this success because you stopped, took a look at your business and actually planned how you're going to from point A to point B instead of just continuing on losing money each and every month.
Why choose Edelle?
The team here at Edelle Chartered Accountants Hub help businesses just like yours to set budgets and actually monitor and control spending in order to not go over budget. We will even work with you hand in hand to recommend what to do next to grow your business from a seed into a thriving plant.
Not only do we offer budgeting services but we can also produce financial forecasts during the year to indicate expected results and if these are likely to be significantly different from your original budget, you can take steps to help bring your business back on track and equally make steps forward to capitalise on freed up spend to make the push to the next level in your business.
As well as helping you to maintain financial health, we can work with you to produce budgets and financial forecasts to provide reassurance to banks and other investors.
Let’s talk about your budgeting and forecasting
Either give our experts a call or get in touch online and start the discussion to see how we can help you with your budgeting and forecasting, become one of our success stories and grow your business with the help of our team.