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During your financial planning, ensure you account for this unpredictable factor

by , 10 September 2014
There are many factors that affect your company's financial growth. You have to take all of these into account during your financial planning.

These are factors such as your spending habits, the industry you're in and how sustainable your market is. But there's another even more unpredictable factor you have to consider.

If you don't, it could throw off your whole plan...

 

Account for this unpredictable factor in your financial planning

 
The economy can change in the blink of an eye. One minute everyone has the money to buy your products, the next they don't.
 
You have to take this into account during your financial planning. A sudden slump in the economy will slow your financial growth and it'll take longer to reach your goals.
 
Because of the unpredictable nature of the economy, it can be hard to accurately account for it. But it all starts with looking at the current situation. Do people have the money for your product now? How long has it been that way?
 
You can do this to assess the future economic movement.
 
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Here's what you can do to get a sense of future economic movement

 
Speak to a qualified economist. He can tell you about the global financial and economic trends that are likely to impact your business.
 
He'll be able to give you a sense of whether the economy is improving, staying stable or declining. 
 
This information is vital to your financial planning as it can help you create realistic goals and a time line to achieve them.
 
When you draw up your financial plan you have to consider the economy and what it may do in the future as it'll have a huge impact on your company's financial growth. So never forget this step.

PS: We strongly recommend you check out the Practical Accountancy Loose Leaf service.  It will show you how to improve your cash flow, eliminate simple accounting mistakes, analyse your financial statements, identify errors, slash your audit fees and eliminate fraud in your company.
 
 


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