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The goal of financial business planning

by , 10 September 2014
You've probably heard the words 'financial planning' thrown around a lot in the business world. The question is do you understand what they mean.

Yes, it's a plan to get your business somewhere, but where? What goal is it this planning should help you achieve?

If these questions make you go blank, don't worry. We're here to explain exactly what the goal of your financial planning should be so you can create a plan that really works...

 

This is the one goal your financial planning should achieve

 
The clue is in the name: Financial planning. You want to plan your business finances so you can help your company grow financially. That's the ultimate goal of any financial plan.
 
You may have different targets to achieve this goal but you still want to help your company grow financially. 
 
Financial growth leads to a growth in size (more employees) and a growth in your customer base because you can advertise to more people.
 
But to achieve overall growth, you first need to grow financially. So how do you do this?
 
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Here's how to use your financial plan to help your company grow

 
Use your financial plan to achieve realistic goals by setting out a time frame (how long you want it to take before you reach your goals). Then create a plan of how you're going to get there. 
 
For example, you may want to take on two new clients each month. More clients mean more money and more growth.
 
Then use tools such as your budget, financial analysis and internal financial controls to help you monitor your company's spending and growth.
 
By doing all of this, you can help your company grow and achieve the ultimate goal of financial planning.

PS. Here is an amazingly simple way to manage your financials, with the Master Budget Series
 

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