Knowing the costs of your business and planning for the cash outgoings and inflows is more important now than ever to help manage your finances. Having a clear plan and maintaining good communication with suppliers and customers is key.

Having a budget in place and a financial forecast to track your costs are vital tools to support your business through the coming months and beyond. For example, do you know what your breakeven point is to cover your fixed costs?

Don’t bury your head in the sand. Too many business owners avoid facing up to difficulties with their finances. Taking an honest look at the figures and drawing up a realistic plan will help you navigate your way through the months ahead.

Once you have your budget and forecast in place, you need to keep on top of it. It is crucial to continue comparing your forecast to your actual results to learn from it and keep it updated and rolling over. Using online accounting packages such as Xero, Quickbooks and Sage will help you to easily record your results. Adding on packages such as Fathom, Float and Futrli will help to make predicting the future even simpler and can easily be flexed for unseen bumps in the road.

The knowledge gained can give you vital insight into the long-term health of your business, allowing you to make adjustments to your business model if necessary to achieve the desired result.

Get in touch with one of our specialist advisers to see how we can plan ahead for your business.

Contact your local office for further information.