…for those unforeseen events
In today’s climate of increasing economic volatility,it is becoming ever more important to plan ahead financially.Building contingencies into your budget and #FinancialControl procedures to deal with unforeseen emergencies such as #Brexit is not only smart but essential:You want to be able to hit the ground running & avoid any costly losses that could end up sinking the ship.
For #SME,this is often relatively easy, provided you are aware of your ‘baseline’ figures and keep good records. Knowing what your regular in-&outgoings,helps you to set sales targets and ensure you save enough to keep things ticking over.This allows you to make important forward planning decisions, such as capital investments or hire extra staff.
In many ways,larger companies are not that different–they just have more variables to consider when it comes to forecasting.However,the key elements of budgeting remain the same:
*Define all the processes areas within your company
*Indicate the costs of each of business activities
*Allocate additional funds to any areas you want to grow
*Prepare a #CashFlow forecast to decide upon future investments
*Identify any potential factors that might affect growth&plan
How will your company be planning for Brexit?