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Budgeting, Planning, Forecasting

Whether you’re self employed or own a limited company, budgets and forecasts are essential in ensuring that you know your business inside out.  They enable you to know what would be a good decision and what would be a terrible one, when to take on that new client and when you really must say no.  You may know how much profit you need to make in the year but do you know how it’s going to happen?

The budget or model is the basis of how you have decided that you want/need your business to perform and the forecasts enable you to track whether you’re on target, giving you the chance to change your approach if necessary.

It has been proven time and again that businesses that forecast sales levels and set budgets are much more likely to be successful than those who just wait and see what happens.  As Rodney Schwartz , CEO of ClearlySo puts it:

“A lack of a cashflow forecast is a recipe for certain disaster – whatever the long-term prospects, they mean zero the day the firm runs out of cash.”

Without a rigorous set of projections, says Schwartz, “a strategy is just a bunch of words”.

The Benefits of Budgeting and Forecasting

Setting budgets and making forecasts will allow you to:

  • Manage your money effectively.
  • Monitor performance.
  • Meet your targets.
  • Improve decision-making.
  • Identify problems before they occur – such as cashflow difficulties.
  • Plan for the future.
  • Increase staff motivation.

If you would like more individual help then why not set up a one to one, we can come to you or you can visit us, we can take as much time as you need and go over previous figures, discuss your plans and future goals and help you put together your model, budgets and cash-flow charts.

This service is tailored to your individual needs, can be a one-off or a continual support option.

We charge an hourly rate of £24.50 plus VAT.

If you would like to discuss this service further and find out what we can do to help you then please do get in touch by email info@cambridgepayroll.com or telephone our office 01223 836296.

 

BTW If you fancy having a go at budgeting on your own we have written a blog that you can access here that sets out the basis of budgets and forecasting and there is a downloadable Budget Template here too:

Cambridge Payroll Budget Template to help with budgeting, forecasting and planning for your small business