For many entrepreneurs, financial planning is seen as a necessary evil. Whilst it can appear to be dull, it is absolutely essential to ensuring a company’s growth and supporting its future prospects.
No matter what business you are building, good financial planning will help you to figure out what your main concerns are, from cash-flow issues to capital appraisal. It will also inform your most important investment decisions and help you to answer the big question: where do you see your company in the next five years? By highlighting long term and short-term issues, financial planning brings well-needed clarity to business planning.
Financial planning should be just as clear as your business goals… but doesn’t come easily to everyone. While you are building your business, bringing life to your dream and working at your vocation, financial planning can feel time consuming and a hindrance to your main passion. However, it will only be a hindrance if you do not understand how to do it properly. While financial planning is not a replacement for sound financial advice or good accountancy practice, it is the beginning of good business practice. Financial planning gives you control over your company’s destiny and like accounting, record keeping and book keeping, is essential for a successful business.
Jim Fletcher, a dedicated business coach for Locate East Sussex, believes that to make a start, you only need a pencil, a rubber, a ruler, and a piece of paper. When you start simply, you do not need complex formulas or calculations to optimise your business. You do not need to be a skilled mathematician to learn good practices that will stay with you in your working life. What you need is to adopt Jim’s approach, draw your own spreadsheet, work with the numbers you have currently, and align them to your objectives, and with time and diligence, make them correspond.
Jim Fletcher and Shirley Mutter of SWC Commodity Finance Consultancy, will be hosting a two-day course over two days (09:00-17:00) on Wednesday 7 February 2018 and Wednesday 14 February at Let’s Do Business Group in Ocean House St Leonard’s-On-Sea. If you want to make your business more efficient and productive, you should come to this workshop which is specifically designed to give start-ups and small business owners a basic understanding of finance and accounting concepts that can translate to business success. The full value of the course can only be gained by full participation on both days, as it will give you the skill to interpret financial documents and be more effective in managing day-to-day business activity.
To find out more and to sign up, go onto our Eventbrite page