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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.
Farnborough & Farnham
Professional and Integral Accountancy Service It is important to me that I manage my company in the best way possible, with the best outsourced professional services, of whom I can rely on and feel part of my business team. Your advice of late has been invaluable to me. Your guidance on our accountancy and tax matters has been a great help and reassurance. As a small business owner, it is important to me that I have an accountant wi...
We have been using the services of Kass Verjee for a number of years. Our business is a barber shop franchise and our paths crossed as Kass was a client at one of our branches. Kass has been instrumental in the success of our business and has helped us not only in financial management but advised us on many other business matters as well. We have grown from a single site business four years ago to a chain of ten with Kass managing all aspect...
We have been working with Kass for over 2 years now in relation to our company accounts, finances and payroll and benefited greatly from his broader financial advice on a very wide range of matters. We would have no hesitation in recommending his services, indeed Kass has become a true asset to our business as we have grown rapidly during the time he has worked with us. Not only does Kass offer sound financial advice he actively seeks ou...
I engaged Kass Verjee 3 years ago to move our company accounts from Sage to Xero. What a difference! The transition was seamless and the ease and flexibility of Xero has given us a much better understanding of where we are as a business. Additionally the service Kass offers and his enthusiasm for our business make me think he's part of it, I only wish I had met him years ago.
Having worked with businesses to advise and help using IT - a world i am very comfortable on, the world of accounting, is just one unknown black box to me. I moved across to Kass from an accounting company I used for a number of years, because it was safe. Kass has been a great help in setting up all that I need. One day I had a claim for solicitors telling me that I had to pay an EE phone bill of over £3000. Thing is, I've never...
It is with loaded pockets that I give this testimonial... Since the Govts introduction of a renewed marriage pensions tax allowance you had pushed me to make a claim. I tried many times via the HMRC.gov website, but on each occasion became thwarted with the plethora of useless detail... But then! I installed the free TFMC App for Android. Whilst playing with my new toy I discovered in the message centre a question! Have you claimed you...
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