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These three tools are vital to your company's financial planning

by , 09 September 2014
Your financial planning is an important part of growing your business. You need to create a plan that'll get you from where you are now, to where you want your company to be.

But how do you do this effectively?

After all, just guessing where you want your company to go and then hoping for the best isn't an effective method of financial planning.

We're here to help! And it starts with these three tools...


Use these three tools with your financial planning so your business can achieve success

1. Your budget
Your company's financial budget is an important part of your financial planning. It enables you to manage your finances so you always cover your important expenses and don't waste your profits on unnecessary ones. 
This will help you create a plan for achieving your goals by carefully allocating your company's money each month.
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Analyse financial statements, identify errors with checklists, step-by-step instructions & examples
2. Financial analysis
By analysing your finances when you implement your plan, you can assess where you are in terms of your industry. (I.e. Is you growth normal or above or below average in comparison to the rest of the industry)?
When you analyse your growth again it'll help you see if your plan is working and if you're achieving the growth you want.
3. Accounting records
Your accounting records will help you understand your financial history. You should asses how much you spend and on what. This is important as it can highlight any problems which may cause you to struggle to achieve your goals. 
If you find any of problem areas, use your budget to help control these unnecessary expenses and further your growth.

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

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