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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.
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I can highly recommend Helen Preece of The Financial Management Centre. Before I found Helen, I had zero business and accounts knowledge! Helen assisted me to learn all about Quickbooks and how to file my VAT and many other aspects of book-keeping and our business accounts. She is extremely patient and can explain things in an easy manner and she didn't once make me feel embarrassed for my lack of knowledge during our sessions. I now have a very good understand of how to do the majority of our book-keeping unaided but still book Helen to come in once a quarter to come and ensure I am doing everything right and to help me with any further queries I have. Thank you Helen.- Sara - Preventafire Ltd