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A Business Plan is a document which states what you plan to do and how. Typically associated with start-ups a business plan is used by an entrepreneur looking for funds to help get a new business started perhaps by getting financial support from a bank. However they are also used by established businesses who may also be looking to secure new funds or attract investors in order to expand or develop a new product.
A Business Plan can be quite a lengthy document although there is no set layout or content requirement as this is usually determined by the purpose of the plan and the intended audience. Generally a Business Plan will include some or all of the following components:
A budget is a projection of income and expenditure for a set period of time and is usually a key part of a Business Plan and accompanied by a Cash Flow Forecast. Normally prepared in advance of a new financial year a budget is a target and management tool for the coming year. We believe that all businesses should have a budget as it helps them set targets for the coming year and then manage performance and identify potential future investment requirements.
In conjunction with management accounts business owners and directors can compare actual results against budget and spot any problems early and take corrective action.
Cash Flow is the movement of cash into and out of a business. A Cash Flow Projection or Cash Flow Forecast details the flow of cash in and out of the business based on the Budget and enables it to plan its future cash requirements.
You may have heard saying such as “Cash is King” and “Cash is the lifeblood of business.” Both are very true and this is the reason why The Financial Management Centre recommends every business produces a Budget and Cash Flow Forecast. As we will get to know you and have a thorough understanding of your business we will be well placed to help you create and then monitor an accurate budget and cash flow projection.
Dear Nichole, At digitalARC we strive to set the highest standards in client service and it is something we expect in those who supply us. Having used the services of The Financial Management Centre recently for my bookkeeping requirements for digitalARC, I cannot recommend you highly enough; you dealt with the work quickly, efficiently, professionally and all for a very fair cost. I had slipped a long way behind with my bookkeeping and with...
Dear Nichole, When I set up business I undertook looking after my books myself and as I started getting busier not only was the monthly bookkeeping taking longer and longer than expected, it was the one job I dreaded. I soon realised that I need to outsource this non-core activity to an experienced and rustworthy supplier. Since then I have used two or three different bookkeepers to help get organised. When I switched to TFMC the decision ...
Dear Nichole, I would like to personally thank you for your company's customer service and professionalism, the staff at The Financial Management Centre are always friendly and helpful even when I leave things to the last moment. Your services are the most cost effective way I found to run our wages and would not have any hesitation recommending you to any of our clients or friends. Keep up the good work. Yours Sincerely
Dear Nichole, I just want to express my appreciation for the excellent work you carried on behalf of Creative Installations Ltd. Bookkeeping and accountancy work are always at the bottom of my list when it comes to working in the office and as a result get left until the last minute and this year was no exception. So with HMRC and Companies House breathing down my neck I asked if you could come to the rescue. Well you did! And not only did y...
Mix 'n' Twist Bartending provides a premium and professional bartender and mobile cocktail bar hire service. After two years of dramatic growth it was clear I needed professional financial support and that's when I came to Nichole. As I am extremely unorganised Nichole and her team sorted the confusion of numbers and many receipts out. In the initial meeting Nichole provided advice to ensure we went forward using the correct accounting softw...
Dear Nichole, I am writing to thank you for the excellent bookkeeping service you have provided to my business. Before undertaking your service my accounting was in a bit of a mess as it had been neglected for a few months by my previous bookkeeper. You and your team soon got everything back into place and were able to meet the tight deadline set. On top of this you have already begun the process of helping me to recover over a £1000 w...
Dear Nichole, At Rattle Media we pride ourselves in being experts in our field. We also believe that, as exerts, we should be able to help our clients understand what we do, making sure they get the most out of our services. As a new business owner, I am not an expert in finance. While I have managed our accounts for the first two years, I have struggled to get to grips with the basic concepts that a financial expert would see as trivial. Yo...
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