Basing your strategic business plan on a single forecast is fraught with issues in the unpredictable world we live in. You already know it’s going to be inaccurate before the ink is even dry. In order to create an effective plan of action, you need to model a range of realistic scenarios to be prepared for whichever eventuality becomes reality.
Financial forecasting is a skill you’ve got to put into practice if you want to improve at it. In this week’s article, we’ve formulated 18 top tips to help you improve and create more accurate, useful and meaningful cash flow forecasts. If you can crack this process, you’ll be more prepared for whatever the future will bring.
Numbers can be open to interpretation, especially if you’re not used to arcane accounting methodologies.
Maybe you usually leave the numbers to the accountant, but if you’re a decision maker, then at some point you’ve got to figure out what it all means.
So, today, I’m going to explain some of the common ways cash flow can cause confusion and how you can avoid it.
Read about what’s included in the Xero beta and how you can get involved. Also a little update on how the Brixx team is doing in these strange times.
A cash flow statement brings order to the chaos. Our easy coffee shop example shows how this report can make it easy to understand your business finances. We go through line by line what it all means and where all the important numbers should sit.
In this article, we preview the Xero integration in more detail. See examples of how the process will work and how your Xero data and account structure can be used to model future activities and build detailed financial forecasts.
Launching your business can be a nerve-racking time.
If, however, you’re not quite ready to fully launch just yet, why not try testing your product or service out in a more controlled environment?
Both beta testing periods and soft launches are highly valuable learning procedures. You can gain some insightful customer feedback and iron out any kinks in your business before you fully go to market.
In this article, we’ll guide you through each stage of these processes to help you gain the most value out of this experience.
In part 3 of our business planning series we tackle the dreaded financial forecast head on. You’ll pull together everything you’ve learnt in the 90 day challenge to create compelling, realistic financial projections for your startup. It’s not as scary as it seems and we’ll show you exactly what you need to do.
If you’re a seasonal business owner you’re probably all too familiar with the feeling of uncertainty, especially during the dreaded off-season.
Sound like you? Well, you’re in luck!
Today, I’m here to help you to plan ahead so your business survives throughout these quieter periods, reducing your off-season anxiety.
By the end of this article, you will know how to forge a plan of action that will allow your business to get through the off-season without any cash flow problems.
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