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Include this important step in your business forecasting to help your business achieve its goals

by , 07 November 2014
With the end of year comes the planning for the next. For you and your business, this means financial planning.

To do this effectively, you have to forecast your company's finances for 2015.

But it's not enough to just predict what might happen. You also need to include this important step in your financial forecasting process so you can use that information to help your business grow.

Read on to discover the one step you need to include is...

 

If your financial forecasting doesn't have this step, it's pointless

 
You use forecasting to determine whether your company will experience financial growth or difficulty during 2015 and when. 
 
For example, it will help you predict that January will be a slow month, but that February and March will show sharp increases, because that's what happened in 2012, 2013 and 2014.
 
But if you forget to take the next step and create a budget, this information means nothing to your business.
 
Here's why…
 
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Here's why you need to create a budget once you complete you financial forecasting

 
Now that you know January will be a difficult month, reduce expenses for January in your budget.
 
This way, you can use your budget to avoid problems next year and take advantage of good times. 
 
This is why you must always include budgeting in your forecasting process. Otherwise, you'll know what you'll face in 2015 but you have no way of preparing for or dealing with it.
 
Forecast your business 2015 finances and use your budget to create a plan today.
 
Check out the Master Budget Series for more tips on what you need to  do to create an effective 2015 budget. 
 

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