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Here's what'll happen to your business without financial planning

by , 11 September 2014
Your company needs to grow to survive. And just like a child, you need to nurture it to help it grow. That's where a solid financial plan can help you succeed in developing your company.

If you simply shrug the notion of financial planning off, your business may be in trouble without you even knowing.

After all, you wouldn't just let a child grow up without any guidance, so why would you do that to your company?


Creating a financial plan helps you in these areas

The goal of a financial plan is to grow your company's overall wealth and position. You may think that growth happens automatically as your company ages, but this isn't the case. Financial growth takes strategy and planning. A financial plan helps you:
- Set goals; 
- Create a growth time frame;
- Manage your finances to achieve your goals and growth; and 
- Analyse your growth against your plan to see if it's working and if you're achieving what you want to. 
Without a financial plan to help guide your growth, here's what'll happen.
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Without a financial plan, you'll face these problems

Without a financial plan, you can't assess your growth against anything. This means your business may grow too slowly to keep up with the market and this will eventually lead to its downfall.
Without the goals of a financial plan, there's also no urgency or drive to develop your company. Eventually it'll simply fall behind other companies with more rapid growth.
As you can see, a financial plan is a vital part of getting your company where you want it to go. So don't just coast along, create a financial plan to achieve your goals.

PS. Find out how to improve your cash flow and eliminate simple accounting mistakes

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